Oilseed, edible oil prices surge on import duty hike

India imports around 15 mt a year of edible oil; consumption is about 25 mt

Prices of oilseeds and edible oils jumped by up to 3.5 per cent in spot and futures markets on Monday, due to apprehension of lower supply after an increase in the Customs duty, to curb cheaper import.

Cotton seed oilcake futures for delivery in September jumped by 3.5 per cent on the National Commodity & Derivatives Exchange, to trade at Rs 1,499 a quintal. Soybean in the spot Indore mandi jumped 1.5 per cent to Rs 3,021 a qtl, compared to Rs 2,971 a qtl on Friday. All other oilseeds moved up, albeit marginally.

The Union ministry of finance on Friday announced