Edible oil import growth slows as stock on ports touches record high level

Edible oil imports for the month of February this year have risen 10.55% to touch 9.68 lakh tons compared to February 2012, which is slowest growth in the last three months.

In January, imports went up by 75% to touch a record high in last two decades since India started importing edible oil.

The fall in import growth was attributed to very high stock pile up on ports. As on March 1 this year, the total stock on all ports was 9.30 lakh tons with about 1.03 million tons stock more in pipeline due to excessive import in the last 3 months.

Total stock, both at ports and in the pipeline has increased to 1.96 million tons, nearly 40 days consumption requirement by the country against usual stock of 30 days, according to data compiled by the Solvent Extractors Association released here today.

Total stock of oil on the ports and in the pipeline is higher by nearly 5 million tons compared to that in January.

Of the total imports in February, refined oil share was 14% while crude oil imports was 86% giving some business to domestic refiners.