WILL PALM OIL PRICES SKYROCKET LIKE INDIAN ONIONS UP 600% DUE TO LA NINA FLOODS & DROUGHT, Calvin Tan Research
KUALA LUMPUR: The current sharp increase in the price of red onions only involves onions from India, said Domestic Trade and Consumer Affairs Deputy Minister Datuk Rosol Wahid.
He said as such, the public could seek alternatives by opting for onions from other countries including China, Thailand and Myanmar which are available in the market at lower prices.
“The sharp increase in the price of red onions from India is due to the drop in production following floods that hit the country.
“We advise consumers to go for onions that are imported from other countries,” he said when winding up the debate on the Supply Bill 2021 at the committee level for the Domestic Trade and Consumer Affairs Ministry in the Dewan Rakyat today.
The price of red onions from India in the country has skyrocketed over the past two to three weeks to RM18 per kilogramme compared to only RM3 to RM4 per kilogramme previously.
Rosol said the ministry was constantly monitoring the situation to ensure that red onion prices would remain stable.
To a question on the RM10 million expenditure allocation for the National Action Council on Cost of Living that was said to have been reduced in Bugdet 2021, Rosol said it was not cut but had been included in the Cost of Living and Education Affairs
The allocation for the ministry was then approved at the committee level with a majority voice vote. A total of 11 members of Parliament participated in the debate before being winding up by Rosol.
Earlier, the allocation for the International Trade and Industry Ministry under in the 2021 Budget was approved at the committee level by 110 against 104 with six absent. — Bernama
Onions in India are grown in the Maharastha states where Soybean also grown
Since much of onion crops are destroyed by Floods Soybean also met the same fate
As such there will be huge price inflation for India with Soybean oil going up & up
To eleviate the problem the Indian Govt has reduced Palm Oil duty by 10%
THIS WILL CAUSE 1.35 BILLION INDIANS TO BUY CHEAPER PALM OIL
THAT IS WHY CALVIN IS SO BULLISH ON PALM OIL STOCKS IN GENERAL
AND MORE BULLISH IN FGV & JTIASA IN PARTICULAR
Calvin Tan Research
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