Edible oils spurts on rise in import duty, sustained demand

Both groundnut oil and refined palmolein prices spurted at the Vashi oils and oilseeds wholesale market here today on sustained demand from stockist and retailers amid government raising import duty on crude and refined edible oils.
The government, had yesterday hiked import duty on both crude and refined edible oils by 5 per cent to protect the interest of domestic farmers and oil processors following fall in global prices, a move that lead to rise in retail prices.
The customs duty on crude oil has been increased to 7.5 per cent from 2.5 per cent earlier, while the duty on refined edible oil has been raised to 15 from 10 per cent.

In the non-edible section, castorseed bold, castoroil commercial and linseed oil ruled stable in the absences of any worthwhile buying activity.
In the edible segment, groundnut oil shot-up by Rs 25 per 10kg to Rs 895 from Wednesday's closing level of Rs 870 and refined palmolein jumped by Rs 19 per 10kg to Rs 512 as against Rs 493 previously.
Moving to non-edible section, castorseeds bold, castor oil commercial and Linseed oil losed unchanged at Rs 4,275 per 100kg, Rs 885 and Rs 750 per 10kg, respectively.