No more duty cut on edible oil: Pawar

The government today ruled out any plan to reduce the import duty on edible oil like soyabean oil and palm oil.

"There is no proposal (to cut the duty)," Agriculture and Food Minister Sharad Pawar told reporters at the Economic Editors' Conference here.

The government, in July, had reduced the import duty on crude palm oil to 45% from 50% and on crude soyabean oil to 40% from 45%.

There is speculation in the market that the government is considering another duty cut on imported palm oil and soyabean oil to ease domestic rates.

Replying to a query, Pawar said the decision to ban palm oil import through Kochi port in Kerala was taken to protect the interests of coconut farmers. He, however, clarified that the government would not put a total ban on palm oil imports as the country is facing shortage of edible oil.

The Keral High Court has already stayed the government's decision to prohibit imports through Kochi port.

Pawar also said the government would soon amend rules to allow sugar mills to make ethanol directly from sugarcane. The cabinet, last month, allowed mills to produce ethanol directly from sugarcane juice, which is currently restricted under Sugar Control Order.

Asked about the Abhijit Sen Committee report on futures trading, the minister said it is expected "any time". He said any decision to lift the ban on futures trading of rice, wheat and some pulses would be taken after studying the panel's report.