Significant decline in refined palm oil imports

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Mumbai, Ta. 16 December 2020, Wednesday

The country's edible oil imports fell 2 per cent to 11.04 lakh tonnes in November. Imports of refined palm oil remained low while overall imports remained low. The marketing of edible oil starts from November and ends in October.

According to the Solvent Extractors' Association of India (C), imports of edible oil in the current year stood at 11.08 lakh tonnes as against 11.5 lakh tonnes in November last year. 1.5 lakh tonnes were seen in November. Putting refined oil on the banned list has reduced its imports and increased crude oil imports, Cena sources said.

Imports of refined or RBD palmolin remain licensed. In November last year, crude oil imports stood at 5.5 lakh tonnes, up from 10.7 lakh tonnes in November this year. Last month, the government reduced the import duty on crude palm oil. The reason for this decline is likely to be an increase in palm oil imports. Local refiners are also expected to benefit from cheaper imports.

India is the largest importer of palm oil. The government has reduced the import duty on crude palm oil from 8.50 per cent to 7.50 per cent. The decision is part of a drive to curb rising food prices in the country.

Market circles are expecting that the reduction in palm oil duty will also be favorable for the country's refiners and increase in oil refining activity. India has huge potential for refining crude palm oil.

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