Decline in edible oils: Significant increase in tariff value

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(Gujarat News Office), Mumbai, Ta. Saturday, January 16, 2021

Prices of various domestic and imported edible oils declined in the Mumbai Oilseeds market today. New demand was slow. World market news was showing softness. There were indications that domestic manufacturers were also under price pressure. Meanwhile, the government has changed the tariff value used as a benchmark to calculate the import duty on various edible oils imported into the country and has also changed the effective import duty.

Such tariff value of crude palm oil CPO has gone up from ૯૯૨ 5 to ૪૯ 107 while palmolin has gone up from ૨૭ 105 to ૬૭ 103 as against the soybean oil price of ૭૨ 105 to ૭૨ 115. As a result, the effective duty on domestic CPO has been increased by about Rs 12 per tonne. On the other hand, palm oil has risen by Rs 15 and soyoil by Rs 20, market insiders said. Discussions were also heard in the market today that the tariff value was increased more than the market expected.

Meanwhile, the world market was soft. In the US agricultural markets, soybean prices fell by 12 points, soyoil by 12 points, soymeal by 12 points and cotton by 8 points. In the Mumbai spot market, the price of 10 kg of imported palm oil fell further to Rs 105 today. On the other hand, crude palm oil CPO Kandla was down by Rs 50. Peanut oil prices were quiet at Rs 1,310.

While cottonseed oil prices fell to Rs 1,110. Producers said prices of cingulum oil were Rs 150 and Rs 15,150 for 15 kg and Rs 1,050 to Rs 103 for cotton washed. While there were indications that the price of groundnut remained at Rs. 30 to Rs. Before this, a lot of goods have gone overseas in grains and cingulum oil.

In addition, the demand for home planting was also seen recently. However, market insiders were pointing to higher revenue growth and milder shortages.

Meanwhile, in the Mumbai spot market, soyoil was quoted at Rs 105 for digam and Rs 1,150 for refined, while sunflower was quoted at Rs 1,200 and refined for Rs 150. Mustard prices fell to Rs 150. In the Mumbai spot market, castor oil prices fell by Rs 3 today while spot castor prices remained soft at Rs 15.


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