Crude soyoil imports likely to decline

In the next two or three months, domestic crude soyoil imports may fall to 25,000-30,000 tonne per month due to the price gap between imported soyoil and local supplies, a senior industry official said.

In September, crude soyoil imports were 74,990 tonne.

"At present, the price of imported soyoil is around Rs 440 per 10 kg, while the domestic product costs Rs 425 per 10 kg. The gap will lead to a fall in crude soyoil imports in the next two or three months," said Narayan Agarwal, senior vice-president, Central Organisation of Oil Industry and Trade.

However, the situation may change slightly if the Centre lifts the freeze on base import price of edible oil, he said. Base import price for soyoil is frozen at $580 per tonne since September 15.