Industry demands hike in import duty on sunflower, soybean oils
The Dollar Business Bureau Solvent Extractors' Association (SEA) on Monday sought increase in duty on sunflower and soybean oils in order to protect interests of farmers. However, the edible oil industry welcomed the Government’s move of increasing the duty on the imports of crude and refined palm oils. Recently, the Government has increased import duty on crude palm oil to 44% from 30%, whereas custom duty on refined palm oil and refined palmolein has been increased to 54% from 40%. “We had been representing to the Government to increase duties on imported oils as our dependence on them has reached alarming levels of almost 70% of our consumption. We are happy at this hike,” SEA said in a statement. However, the industry body expressed ...
Palm oil imports see a sharp rise in India
The Dollar Business Bureau Taking a jump on the shipments of palm oil, imports of palm oil in India increased marginally to 7,29,536 tonnes in April 2016. India, which is top most buyer of vegetable oils, imported 7,25,088 tonnes of palm oil in April 2015. Of the total vegetable oil imports in India, palm oil makes up for 65%. The domestic refineries have been hit by the rise in imports of RBD Palmolein, which grew in recent times, said Solvent Extractors Association (SEA). Among the products of palm oil, RBD palmolein imports increased by 74% from 1,87,534 tonnes in April 2015 to 3,25,902 tonnes in April 2016. The imports of RDB palmolein, which replaced CPO, is likely to rise in the near future. The domestic ...
Vegetable oil imports up 28% in February
The Dollar Business Bureau India’s vegetable imports in February escalated by 28% as inbound shipments of edible oil grew up by a record margin. Last month, India imported 1.11 million tonnes of vegetable oil, comprising of 1.10 million tonnes of edible oils and 16.50 thousand tonnes of non-edible oils, as compared to 868. 17 thousand tonnes imported in February 2015. “The overall import of vegetable oils during first four months of the current oil year 2015-16, November 2015 – February 2016 is reported at 5.1 million tonnes compared to 4.30 million tonnes, up by 19%,” the Solvent Extractors’ Association said in a statement. During November 2015 – February 2016, import of RBD Palmolein (refined oil) surged to 789.06 thousand tonnes from ...
