Edible oil imports dip 39% in May

"Imports slowed down in the last month because traders feared harassment from officials even though imported oil is exempted from stock limit," said B V Mehta, executive director, SEA in a statement.

Edible oil imports slumped by 39 per cent to 3.02 lakh tonnes in May from 4.94 lakh tonnes during the same period last year.

Even non-edible oil reported a declining trend at 59,219 tonnes, down by 49 per cent from the previous year, SEA data showed. Imports were hit badly during April month as well, it noted.

In a bid to curb the spiralling prices and check stockpiling of essential commodities, some of the state governments put restrictions on the stocks of edible oil, oilseeds and foodgrains.

"This may lead to a depletion of the stock in the pipeline and may put upward pressure on the prices of edible oils if the situation does not change in the coming months," Mehta noted.

According to SEA, total imports of edible oil during first seven month of edible oil year (Nov-Oct) stood at 25.46 lakh tonnes, up 16 per cent from the previous year.

In the last two months, global prices of crude palm oil and RBD palmolein have gone up marginally.

However, crude soyabean oil increased over $150 a tonne, while sunflower oil by over $200 a tonne, it said.

India mainly buys RBD palmolein, crude palm oil, crude soybean oil and crude sunflower oil from overseas market.