Crude Palm Oil

India's edible oil imports declined 16 per cent annually in December to 13.07 lakh tonnes due to lower shipments of crude and refined palm oils, according to industry data released on Friday. Solvent Extractors' Association of India (SEA) data showed imports of edible oils fell to 13,07,686 tonnes in December last year from 15,55,780 tonnes in the year-ago period. In the edible oil category, crude palm oil imports decreased to 6,20,020 tonnes from 8,43,849 tonnes, while (Refined Bleached Deodorised) RBD Palmolein's inward shipments slipped marginally to 2,51,667 tonnes from 2,56,398 tonnes. However, imports of crude sunflower oil increased to 2,60,850 tonnes from 1,94,009 tonnes during the period under review. Non-edible oil inward shipments fell to 4,000 tonnes in December last year from 10,349 tonnes in the same month of the previous year. SEA said imports of vegetable oils (edible oils and non-edible oils) in December 2023 fell 16 per cent to 1,311,686 tonnes from 15,66,129 ton

India's palm oil imports jumped 29.21 per cent to 90.80 lakh tonnes in the first eleven months of the ongoing 202223 oil year, compared to the year-ago period, with RBD Palmolien shipments rising fast, posing a serious threat to the domestic refiners, industry body SEA said on Friday. India, the world's leading vegetable oil buyer, imported 70.28 lakh tonnes of palm oil products during the same period in the the previous oil year. Meanwhile, the country's total vegetable oil imports rose 20 per cent to 156.73 lakh tonnes during the NovemberSeptember period of the 202223 oil year, from 130.13 lakh tonnes in the year-ago period. In September, however, the country's vegetable oil imports witnessed a 5 per cent decline, dropping to 15.52 lakh tonnes from 16.32 lakh tonnes in the same period the previous year. "During November 2022 and September 2023, the import of palm products increased sharply due to price parity. The share of palm oil increased to 59 per cent," the Mumbai-based Solv

Global palm Oil prices seen stabilizing around $1000-$1100 per tonne due to low pdtn

RBD palmolein now constitute 12% of total imports of edible oils against 2% last year

India has slashed the base import prices of crude and refined palm oil, while raising the price of crude soyoil, the government said in a statement

However, achieving self-sufficiency in edible oil will remain a distant dream unless drastic policy measures are taken

Indian FMCG players have said they are concerned about Indonesia's move to ban exports of palm oil, though some of them expect the decision is likely to have only transitory impacts

This could also be beneficial to the Indian local refining industry as any move to curb import of refined oils boosts domestic oilseeds crushing and refining

Palm oil's record premium over rival oils could squeeze price-sensitive Asian and African consumers already reeling from spiralling fuel and food costs, and force them to curtail consumption and shift

Higher imports of refined palm oil by India, the world's biggest buyer of vegetable oils, could help producers in Indonesia and Malaysia but hurt refiners in India

Amid edible oil prices continuing to remain high, the Centre on Friday asked states to direct retailers to prominently display the prices of all edible oil brands for the benefit of consumers and also take action against hoarding at the level of wholesalers, millers and refiners. After a meeting with states' representatives and industry stakeholders, Union Food Secretary Sudhansu Pandey also ruled imposing stock limit on traders as well as the possibility of fixing MRPs (Maximum Retail Prices) for edible oils as he emphasised that market forces will determine the rates in a good competitive environment. Pandey said the government will take a call on existing import duty regime after analysing the impact of various measures taken to reduce the prices. According to him, edible oil prices are expected to cool down with the arrival of new kharif crop by the end of this month, declining price trend in global markets and steps taken by the central government. In the last few months, the

Massive forest loss and impact on wildlife, long gestation, small farm holdings among hurdles to cultivation

The slash in import duties on crude palm oil has been negated by price rise in global markets, stock holding limits on pulses are self-defeating, say industry players

The lower tax rate will apply from June 30 to September 30, the government said

The edible oil industry on Monday welcomed the announcement of agricultural development cess and the increase in import duty of crude palm oil in the Union Budget 2021-22

The government on Thursday reduced the basic customs duty on crude palm oil to 27.5 per cent, a move that would increase availability of the commodity in the domestic market.

India imports around 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia.

Edible oil industry body SEA on Thursday said it has urged the government to allow import of only crude palm oil and place all refined oils under the restricted category of trade

India, home to more than $5 billion in palm sales a year and the top export market, is no longer enthralled with the oil.

The newly appointed MPOB Chairman Ahmad Jazlan Yaakub said in a statement the rally will come as a relief to industry participants