Centre reduces duty on Crude Palm Oil by 5%

01 July 2021 | News

DFPD recommends removal of the restriction on import of RBD Palmolein image credit- shutterstock image credit- shutterstock

In order to bring relief to the consumers and reduce the edible oil prices, Centre has reduced the duty on Crude Palm Oil (CPO) by 5 per cent. Further, to cool down the prices of RBD Palmolein (Refined Palm oil), Department of Food & Public Distribution has recommended removal of the restriction on import of RBD Palmolein and to put it in the open general category of imports. These moves are expected to lower prices of edible oils for the domestic consumers.

The major edible oils consumed in the country are mustard, soyabean, groundnut, sunflower sesame oil, niger seed, safflower seed, castor and linseed (primary source) and coconut, palm oil, cottonseed, rice bran, solvent extracted oil, tree & forest origin oil. The total domestic demand of edible oils in the country is approximately 250 LMT per year.

Around 60 per cent of the edible oils consumed in the country is met through imports. Palm oils (Crude + Refined) import constitutes around 60 per cent of the total edible oil imported, out of which 54 per cent is imported from Indonesia and Malaysia. As the country has to depend heavily on imports to meet the gap between demand and supply, the International prices have an impact on domestic prices of edible oils.

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