As per a latest release by Solvent Extractors' Association of India (SEA OF India), the import data of Vegetable Oils (edible & non-edible) for the month of February 2019 is reported at 1,242,533 tons compared to 1,157,044 tons in February 2018, consisting 1,182,062 tons of edible oils and 60,471 tons of non-edible oils i.e. up by 7.4%. The overall import of vegetable oils during November 2018 to February 2019 is reported at 4,862,849 tons compared to 4,785,778 tons i.e. up by 1.61%, thanks to higher import duty.
Ministry of Finance w.e.f. 1.1.2019 reduced import duty on palm oil and also reduced the duty difference between crude and palm oil from 10% to 5% on palmolein to be imported from Malaysia. This has resulted into sharp increased in import of RBD Palmolein and nearly doubled to 241,101 tons in Feb.'19 from 130,459 tons in Dec.'18 i.e. up by 85% at the cost of reduced import of CPO. This is likely to increase in coming months considering the shipments lined up from Malaysia for export of RBD Palmolein to India. This development has the potential of sounding the death knell of Palm Refining Industry in our Country, if this aberration is not corrected.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)