Palm oil price: Despite the government cutting the import duty on the import of palm oil, in the month of June, there was a huge decline of 24 percent in its imports. Its rate has also increased by 6 percent in the domestic market.
Despite the cut in import duty, the price increased.
Edible Oil price today: India’s palm oil imports declined by 24 per cent to 5,87,467 tonnes during June this year as compared to the previous month due to higher stocks in the domestic market. Industry body Solvent Extractors Association (SEA) gave this information on Tuesday. The SEA expressed concern that the recent reduction in import duty on crude palm oil and other palm oils till September, as well as lifting the moratorium on imports of RBD palmolein till December, will affect domestic oil refining companies and oilseeds producers. interests would be harmed.
According to the report of the new agency Reuters, the price of palm oil has registered a rise of 6 percent. Regarding the increase in the price, it has been said that due to the reduction in import tax by the government, the demand has increased, due to which its rate has increased in the international market. A sharp fall in the price may affect the demand and due to this it will be difficult for the government to cut the import tax again. This is because the demand has increased due to the duty cut and then the rate has increased.
Vegetable oil imports fall by 17 percent in June
India, the main buyer of vegetable oils in the world, imported 5,64,839 tonnes of palm oil in June 2020. Whereas in May 2021, the import of palm oil was 7,69,602 tonnes. The country’s total vegetable oil imports declined by 17 per cent to 9.96 lakh tonnes in June this year from 11.98 lakh tonnes in the same period a year ago. Palm oil accounts for more than 60 per cent of the country’s total vegetable oil imports.
Imports fell in June due to stock
According to SEA, the import of vegetable oil in June was lower as compared to the previous month due to higher stock of edible oil in the domestic market. According to the organization’s data, among palm oil products, the import of crude palm oil increased to 5.76 lakh tonnes in June this year from 5.63 lakh tonnes in the same month a year ago.
Bumper jump in different oil imports
In the same period, imports of crude palm kernel oil (CPKO) increased to 7,377 tonnes from 1,000 tonnes earlier. The import of RBD palmolein increased to 3,200 tonnes in June this year from 300 tonnes a year ago. Among light oils, soybean oil imports declined to 2,06,262 tonnes in June from 3,31,171 tonnes in the same period last year. Similarly, the import consignment of sunflower oil declined to 1,75,702 tonnes from the earlier 2,69,428 tonnes.
Imports from Bangladesh and Nepal will increase
According to the SEA, the relaxation of free import of RBD palm oils could lead to a huge increase in the import of refined oils from Nepal and Bangladesh at zero duty, which could seriously affect the refinery units in eastern and northern India.
Edible oil stock 19.87 lakh tonnes
The total reserves of edible oil till July 1 stood at 19.87 lakh tonnes, of which 12.60 lakh tonnes is estimated to be in the pipeline. India mainly imports palm oil from Indonesia and Malaysia and a small quantity of crude oil including soybean oil from Argentina. Sunflower oil is imported from Ukraine and Russia.
Also read, Loan is easily available on this special scheme of post office, know how much interest rate is
Also read, The effect of the rise in the international market was shown, today gold rose by Rs 90 and silver by Rs 490
(with language input)