As per the latest update from Solvent Extractors' Association of India , the import of vegetable oils during March 2019 sharply increased by 26% to 1,446,557 tons compared to 1,146,051 tons in March 2018, consisting 1,393,255 tons of edible oils and 53,302 tons of non-edible oils. The overall import of vegetable oils during November 2018 to March 2019 is reported at 6,309,406 tons compared to 5,931,829 tons i.e. up by 6%.
Ministry of Finance w.e.f. 1.1.2019 reduced import duty on palm oil and also reduced the duty difference between crude and palm oil from 10% to 5% on palmolein to be imported from Malaysia. As anticipated, worst fears have come true and India is flooded with RBD Palmolein from Malaysia. Reduction in duty difference between CPO and Palmolein sourced from Malaysia has resulted in RBD Palmolein imports going up from 130,000 tons in December 2018 to over 300,000 tons in March 2019.
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