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 ...
Indias veg oil imports hit a record high in Aug; SEA proposes hike in import duty
The Dollar Business Bureau | @TheDollarBiz India’s imports of vegetable oil have skyrocketed to 13.3 lakh tonnes in August 2014, which is up about 76% from year-ago levels and the highest volume imported in a single month since India allowed oil imports under the Open general License (OGL) in 1994. The Solvent Extractors' Association of India (SEA), which has around 875 veg oil companies as members, says that the previous highest monthly veg oil imports was seen in January 2013 at 11.6 lakh tonnes. Despite low production of soybean in India this year, low global prices and burgeoning stocks in key vegetable oil exporting countries, Malaysia and Indonesia, continue to spur imports by India. The FAO vegetable oils sub-index ...
