Domestic Edible Oil

The Union agriculture ministry has launched its first-ever survey to assess edible oil consumption patterns in India, aiming to effectively implement the new Mission on Edible Oils-Oilseeds (NMEO-Oilseeds), a senior government official said. The 45-day questionnaire-based survey, which began on January 9, will continue until February 23. The initiative comes as India -- the world's largest consumer and importer of edible oils -- lacks recent data on consumption patterns. "The survey aims to capture the consumption pattern and choice of edible oils, which will help in policy decisions," the official told PTI. Industry reports indicate that per capita annual consumption of edible oil has risen to over 20 kg in India, significantly exceeding the recommended limits of 12 kg by the Indian Council of Medical Research (ICMR) and 13 kg by the World Health Organisation (WHO). This marks a substantial increase from 2.9 kg in 1950-60, driven by factors such as rising incomes, urbanisation, an

India's edible oil imports declined by 3.09 per cent to 159.6 lakh tonnes during the 2023-24 oil marketing year due to higher domestic oilseeds production and reduced demand amid rising prices, according to industry body SEA. The country, which is the world's largest importer of edible oils, had imported 164.7 lakh tonnes in the previous oil year (November-October). In value terms, the imports marginally decreased to Rs 1,31,967 crore in 2023-24, from Rs 1,38,424 crore in the previous year, the Solvent Extractors Association of India (SEA) said in a statement. "International prices firmed up due to various reasons which reflected in rise in domestic prices and also reduction in import to some extent," SEA said. As per the data, crude palm oil imports fell to 69.70 lakh tonnes in 2023-24 from 75.88 lakh tonnes in the previous year, while RBD palmolein shipments declined to 19.31 lakh tonnes from 21.07 lakh tonnes. Among soft oils, soyabean oil imports decreased marginally to 34.41

The move could lift edible oil prices and dampen demand and subsequently reduce overseas purchases of palm oil, soyoil and sunflower oil

Import of vegetable oils, comprising edible and non-edible oils, rose 18 per cent in June to 15.5 lakh tonnes on higher imports of crude palm oil and crude sunflower oil, according to trade data. Solvent Extractors' Association of India (SEA) data showed that import of vegetable oils during June 2024 stood at 15,50,659 tonnes compared to 13,14,476 tonnes in the year-ago period. Edible oils import increased in June to 15,27,481 tonnes from 13,11,576 tonnes in the same month last year. However, the imports of non-edible oils jumped to 23,178 tonnes from 2,300 tonnes during the period under review. During the first eight months of 2023-24 oil year ending October, the imports of vegetable oils fell 2 per cent to 1,02,29,106 tonnes compared to 1,04,83,120 tonnes in the corresponding period of the previous year. SEA data showed that imports of refined oil declined 2 per cent to 13,81,818 tonnes during November 2023-June 2024 period of 2023-24 oil year from 14,03,581 tonnes in the ...

Unless the focus comes back on high-yielding seeds that have a higher oil content than currently available varieties, self-sufficiency in edible oils will continue to be a mirage

Edible oil industry body SEA has demanded that the government should increase the duty difference between crude and refined palm oil to 15 per cent from 7.5 per cent to curb imports of refined cooking oil and protect domestic players. In a letter to its members, Solvent Extractors' Association of India (SEA) President Ajay Jhunjhunwala pointed out that Indian vegetable oil (comprising of edible and non-edible oil) refining industry is "facing challenges". "The Indian edible oil Industry, with a size of Rs 3 lakh crore (USD 35 billion), holds significant importance. Over the last 12 years, Indonesia and Malaysia have imposed higher export taxes on Crude Palm Oil (CPO) compared to refined Oil to protect their refining industry. This has made refined oil cheaper, rendering Indian capacity redundant and unutilized," he said. In India, the duty differential between CPO and refined palm oil has been reduced to 7.5 per cent, "serving the interests of the refining industry in Malaysia and .

The association has argued that a 15 per cent duty difference would help reduce refined palmolein imports and replace the same with crude palm oil imports

Even the opinion of farmers' groups seems divided after AIKS comes out in support

Inflationary trends led by edible oil prices had hurt both household and industrial demand for soft and hard oils in Q1

However, achieving self-sufficiency in edible oil will remain a distant dream unless drastic policy measures are taken

At the same time, 67% of respondents pruned spending in other areas to pay for higher edible oil prices

Union Minister for Consumer Affairs, Food and Public Distribution, Piyush Goyal, said domestic prices of edible oil haven't surged as much as global rates, which have been very high over the last year

The edible oil maker's market capitalisation is up nearly 300 times since the beginning of November last year and 70 times since its acquisition by Pantanjali Ayurved under the IBC

With hotels and food processing units still shut, and with labour and logistics hiccups, edible oil availability in April has been 1.5 million tonnes as against the usual 2 million tonnes

Higher purchases by the world's biggest edible oil importer could support palm oil prices that are under pressure due to sluggish demand amid an expected rise in production

For existing inventory, companies to offer discount on package's existing MRP