The Solvent Extractors Association of India (SEA) hopes that sunflower oil imports is more likely to fall almost 80,000 tonnes in April as towards 212,000 tonnes in March 2022. According to BV Mehta, govt director, SEA, “India had imported around 127,000 tonnes of sunflower oil from Ukraine, 73,500 tonnes from Russia and 11,900 tonnes from Argentina. These consignments had left for India before the conflict began between the two countries and no shipment from Ukraine took place in April.”
The excessive costs of sunflower oil in worldwide market at $ 2200 a tonne, lesser availability and excessive home costs at Rs 172,000 per tonne has shrunk the demand and consumption of sunflower oil, he stated. This shortfall has partially been changed by different edible oils like palmolein, soybean oil, groundnut oil in South India and by refined mustard oil and ricebran oil in North India. Also over the last one month, costs of soya oil, solar oil,palm oil and different edible oil declined offering some aid to shopper, Mehta maintained. The common CIF (value, insurance coverage and freight) value for crude sunflower oil import stood at $2,125 a tonne in March towards $1,506 a tonne in February. India imported 1.05 million tonnes (mt) of sunflower oil throughout November-March of the oil 12 months 2021-22 towards 0.91 mt within the corresponding interval of 2020-21. The oil 12 months ranges from November to October. Meanwhile, as per the information launched by the affiliation for the month of March 2022, the edible oil imports went as much as 1.05 mt in March towards 0.98 mt in February.
The import of edible oils went as much as 5.6 mt within the first 5 months of the oil 12 months 2021-22 towards 5.24 mt within the corresponding interval a 12 months in the past. Mehta stated the import of RBD palmolein elevated to 0.77 mt throughout November-March 2021-22 in contrast with 24,101 tonnes within the year-ago interval. Import of crude palm oil (CPO) decreased to 1.8 mt in November-March 2021-22 towards 2.9 mt similar time final 12 months.
Stating that the Union Ministry of Finance had lowered the Agriculture Infrastructure and Development Cess on CPO imports to five % from the prevailing 7.5 %, on the SEA’s plea for bigger obligation distinction, he stated this elevated the obligation differential between CPO and RBD oils to eight.25 % from the sooner 5.5 % “This provided a minor relief to the beleaguered refining industry, but not enough,” he stated.
Source: www.financialexpress.com”