Edible Oil Prices

The government has asked edible oil processors not to hike retail prices following recent increase in import duties, as there is enough stock of cooking oils that were shipped at a lower duty. The food ministry said the stocks imported at lower duties would easily last 45-50 days, and therefore the processors should refrain from increasing maximum retail prices (MRP). Last week, the Centre implemented an increase in the basic customs duty on various edible oils to support domestic oilseed prices. Effective September 14, 2024, the basic customs duty on crude soyabean oil, crude palm oil, and crude sunflower oil has been raised to 20 per cent from nil, making the effective duty on crude oils to 27.5 per cent. Additionally, the basic customs duty on refined palm oil, refined sunflower oil, and refined soyabean oil has been increased from 12.5 per cent to 32.5 per cent, making the effective duty on refined oils to 35.75 per cent. On Tuesday, Food Secretary Sanjeev Chopra chaired a mee

India's edible oil imports declined marginally by 1.6 per cent to 119.35 lakh tonnes in the first nine months of 2023-24 marketing year ending October, according to industry body SEA. Imports of cooking oils stood at 1,19,35,227 tonnes during November 2023-July 2024 period as against 1,21,22,711 tonnes in the corresponding period of 2022-23 marketing year. Oil marketing year runs from November to October. More than 50 per cent of India's cooking oils demand is met through imports. Solvent Extractors' Association of India (SEA) data showed that imports of non-edible oils, however, increased to 1,88,955 tonnes from 1,32,242 tonnes. The total import of vegetable oils (edible and non-edible oils) during the first nine months of the current oil year stood at 121.24 lakh tonnes, down 1 per cent compared to 122.55 lakh tonnes in the year-ago period. In the first nine months of the 2023-24 oil year (November 2023-July 2024), India imported 15,18,671 tonnes of refined edible oil, a 7 per c

India's vegetable oils import fell 13 per cent year-on-year in February to nearly 9.75 lakh tonne, according to industry data. In a statement on Wednesday, Solvent Extractors' Association of India (SEA) said the import of vegetable oils (comprising edible oils and non-edible oils) during February stood at 9,74,85 tonne as compared to 11,14,481 tonne in the year-ago period. Out of the total imports, the edible oil shipments fell to 9,67,852 tonne last month from 10,98,475 tonne in February 2023. Non-edible oils imports too fell to 7,000 tonne from 16,006 tonne in the year-ago period. During November 2023-February 2024 period, the overall import of vegetable oils declined 21 per cent to 46,47,963 tonne from 58,87,900 tonne in the corresponding period of the previous oil year. Oil marketing year runs from November to October. Edible oils import fell to 46,15,551 tonne during the first four months of 2023-24 oil year from 58,44,765 tonne in the year-ago period. Non-edible oils impor

The country's oilmeals exports rose 16 per cent to 12.20 lakh tonne in the third quarter of the current fiscal compared to the year-ago period, industry body SEA said on Thursday. Around 10.53 lakh tonne of oilmeals was exported during the October-December quarter of 2022-23. According to the Solvent Extractors Association of India (SEA), the country exported 6.24 lakh tonne of soybean meal, 4.79 lakh tonne of rapeseed meal, 1.14 lakh tonne of castor seed meal and 2,642 lakh tonne of groundnut meal in third quarter of the current fiscal. In December alone, total oilmeals exports were at 5.32 lakh tonne, up by 23 per cent from 4.33 lakh tonne in the year-ago period, it said. SEA said the country's export of soyameal rose due to price competitiveness amid shortage of Argentine export supplies in recent months. The major consumer of Indian soybean meal is South East Asia, where India has a logistic advantage and also can supply in small lots, it added. The industry body also mention

The government has imposed 50 per cent duty on exports of molasses, a by-product of sugarcane used as raw material for alcohol production, with effect from January 18. A finance ministry notification said molasses resulting from the extraction or refining of sugar will attract 50 per cent export duty. In another notification, the finance ministry extended the existing concessional duty rates on imports of crude and refined edible oils -- palm, soyabean and sunflower -- by one year till March 31, 2025. The basic import duty on refined soyabean oil and sunflower oil was cut to 12.5 per cent from 17.5 per cent , in June last year. India imports palm oil mainly from Indonesia and Malaysia, and a small quantity of crude soft oil, including soyabean from Argentina. Sunflower oil is imported from Ukraine and Russia.

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

According to data by Bizom, prices of edible oils ranged from a fall of 13.3 per cent to 30.2 per cent in November this year compared to last year

Edible oil industry body SEA has demanded that the government should increase the duty difference between crude and refined palm oil to 15 per cent from 7.5 per cent to curb imports of refined cooking oil and protect domestic players. In a letter to its members, Solvent Extractors' Association of India (SEA) President Ajay Jhunjhunwala pointed out that Indian vegetable oil (comprising of edible and non-edible oil) refining industry is "facing challenges". "The Indian edible oil Industry, with a size of Rs 3 lakh crore (USD 35 billion), holds significant importance. Over the last 12 years, Indonesia and Malaysia have imposed higher export taxes on Crude Palm Oil (CPO) compared to refined Oil to protect their refining industry. This has made refined oil cheaper, rendering Indian capacity redundant and unutilized," he said. In India, the duty differential between CPO and refined palm oil has been reduced to 7.5 per cent, "serving the interests of the refining industry in Malaysia and .

Rural sales grew at a faster rate due to a higher focus on increasing its rural distribution network

Sales value from edible oil constituted a hefty 74% of the company's topline in the September quarter. Low edible oil prices also contributed to its swing to loss in the June quarter

The step is consistent with the government's intent to curb the rise in edible oil prices in the country

The Centre on Thursday asked edible oil companies to cut the prices of cooking oils in line with the fall in global prices for the benefit of consumers. A major importer of edible oils, India imported cooking oils worth Rs 1.57 lakh crore during 2021-22 marketing year (November-October). It buys palm oil from Malaysia and Indonesia while soyabean oil is being imported from Argentina and Brazil. "The decline in the price of edible oils should be passed on to consumers expeditiously," Food Secretary Sanjeev Chopra said during a meeting with leading industry representatives here. Representatives from Solvent Extraction Association of India (SEA) and Indian Vegetable Oil Producers' Association (IVPA) were present at the meeting to discuss further reduction in the retail prices of cooking oils amidst a fall in the global prices, an official statement said. Mother Dairy, which sells cooking oils under Dhara brand, on Thursday said it has reduced the maximum retail prices by Rs 15-20 per

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The Solvent Extractors' Association of India (SEA) said the import of vegetable oils, comprising edible and non-edible oils, in July this year rose 24 per cent to 1,214,353 tonnes.

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Edible oil firm Adani Wilmar, which sells its products under Fortune brand, on Monday announced reduction in cooking oil prices by up to Rs 30 per litre amid fall in global prices. The maximum reduction has been done in soyabean oil. The stocks with new prices will reach market soon. On February 7, Mother Dairy, which sells edible oils under the Dhara brand, had cut prices of soyabean and rice bran oils by up to Rs 14 per litre. The food ministry had called a meeting on July 6 to discuss edible oil prices and directed edible oil firms to pass on the benefits of fall in global cooking oil prices to consumers. "In continuation to the global price reduction and the government's effort to pass on the benefits of reduced edible oil prices to consumers, Adani Wilmar has further slashed edible oil prices from the last month's reduction effected by the company," a company statement said. Fortune soyabean oil price has been revised to Rs 165 per litre from Rs 195 per litre. The sunflower

Inflationary trends led by edible oil prices had hurt both household and industrial demand for soft and hard oils in Q1

It has also advised that the price to distributors by the manufacturers and refiners needs to be reduced immediately so that the price drop is not diluted in any way.

Decision arrived at today during a meeting between industry players & officials