Branded edible oil support price reduced to $1,100 a tonne

The government today reduced the minimum export price (MEP) on edible oil in branded consumer packs of up to five kg to USD 1,100 per tonne, a move which will help in boosting shipment of the commodity.
"MEP on export of edible oils in branded consumer packs of up to 5 kg has been reduced to USD 1,100 per tonne. Earlier it was USD 1,400 per tonne," Directorate General of Foreign Trade (DGFT) said in a notification.
The country, which meets 50 per cent of edible oil demand through imports, exports small quantities of groundnut, sunflower and rapeseed oils to cater to expatriate demand.

To ensure domestic supply and contain price rise, India banned export of unbranded edible oils in 2008 and extended it year after the year.
The country imports about 9 million tonnes of edible oils.