Oil price dropping

Synopsis Rice bran oil accounts for a small portion of overall vegoil consumption in India but is one of the fastest-growing among edible oils, industry officials say, and production and imports are set to increase to meet the demand. Rice bran has become a sought-after commodity in India as the world's biggest importer of vegetable oils tries to overcome an edible oil shortage caused by global supply disruptions. A by-product in rice milling, rice bran has been traditionally used for cattle and poultry feed. In recent years, oil mills have started extracting rice oil, which is popular among health-conscious consumers but historically more expensive than rival oils. Rice bran oil accounts for a small portion of overall vegoil consumption in India but is one of the fastest-growing among edible oils , industry officials say, and production and imports are set to increase to meet the demand. The recent rally in global edible oil prices fuelled by Indonesia's … [Read more...] about Humble rice bran becomes hot commodity as India scours for edible oils

Many fishing boats stay ashore because of increase in petroleum and oil In this official dispatch, the Ministry of Agriculture and Rural Development said that in the past time, the fishing industry has played an important role in the development of our country's agriculture, the fishing output in 2021 will reach 3.92 million tons and seafood export turnover reached US$3.435 billion. The fishing industry has offered employment for more than 600,000 fishermen directly and nearly 4 million workers in coastal fisheries services. Additionally, fishing vessels at sea also play an important role in protecting the country's sovereignty over the sea and islands. However, from December 2021 up to now, gasoline and oil prices have continuously increased and are expected to continue to have complicated developments in the near future, strongly affecting production, business, and daily life and social security of the people, including the coastal fishing community and the fishing … [Read more...] about Ministry proposes support for fishermen

The owner of a construction company said: "The rising costs have caused severe impacts on my company. We have put two projects on hold and are waiting for prices to go down." Huynh’s company in the neighboring province of Binh Duong is likely to report losses on the construction of a road project it began earlier this year. It cannot back away from the project as the work is 75 percent completed. "We use a lot of diesel each day, and so the rising fuel costs have eaten away all of our profits," Huynh said. The rising costs of raw materials amid surging global inflation is posing problems for construction companies who struggle to renegotiate their contracts as losses loom. Cement prices in Vietnam have gone up three times this year by around 28 percent to VND1.2 million ($51.62) a ton. In the latest increase, 15 major cement producers all hiked prices by up to VND80,000 per ton. Steel prices have been falling due to declining demand in China, but others such as sand, … [Read more...] about Construction contractors hit hard by surging costs