Mumbai: India’s Sophisticated bribe Imports are set to pick up in the first quarter of 2022 after New Delhi reduced import taxes, making the finished product cheaper for Indian buyers than raw materials. crude palm oil (CPO).
Higher imports of refined palm oil by India, the world’s largest buyer of vegetable oils, could help producers in Indonesia and Malaysia but hurt refiners in India.
New Delhi on Monday reduced basic import tax on refined, bleached and odorless (RBD) allowed palm oil to cool to record prices from 17.5 percent by March 2022 to 12.5 percent by March 2022 and imports by December 2022.
Govindbhai Patel, managing partner of the company, said, “The reduction in duty has made refined palm oil cheaper than CPO. RBD imports will pick up in the coming months. edible oil Trading firm GGN Research.
India may import 750,000 tonnes to 800,000 tonnes of refined palm oil in the March quarter, up from 686,340 tonnes imported in the entire 2020/21 marketing year ended October 31, said Patel, who has been importing edible oils for nearly five decades. doing business of. ,
Indian Vegetable Oil Producers Association President Sudhakar Desai said Indonesia is offering RBD to CPOs at a discount of $50 a tonne as Jakarta has increased the export duty for refined oil at CPOs to $127 a tonne.
“RBD imports may bring down local prices in the short term. But the surge will affect local refining industry In terms of margins and capacity utilization,” Desai said.
India traditionally imports around 650,000 tonnes of palm oil every month, mostly in the form of CPOs.
Atul Chaturvedi, president of the edible oil trade body of Solvent Extractors Association of India, said the reduction in import duty will prompt buyers to replace CPOs with RBDs in the coming months.
“This is contrary to our principle of self-reliance and can harm job creation and value addition within India,” Chaturvedi said.
India, which meets over 70 per cent of its edible oil consumption through imports, is trying to reduce foreign purchases by promoting local oilseed production.
Higher imports of refined palm oil by India, the world’s largest buyer of vegetable oils, could help producers in Indonesia and Malaysia but hurt refiners in India.
New Delhi on Monday reduced basic import tax on refined, bleached and odorless (RBD) allowed palm oil to cool to record prices from 17.5 percent by March 2022 to 12.5 percent by March 2022 and imports by December 2022.
Govindbhai Patel, managing partner of the company, said, “The reduction in duty has made refined palm oil cheaper than CPO. RBD imports will pick up in the coming months. edible oil Trading firm GGN Research.
India may import 750,000 tonnes to 800,000 tonnes of refined palm oil in the March quarter, up from 686,340 tonnes imported in the entire 2020/21 marketing year ended October 31, said Patel, who has been importing edible oils for nearly five decades. doing business of. ,
Indian Vegetable Oil Producers Association President Sudhakar Desai said Indonesia is offering RBD to CPOs at a discount of $50 a tonne as Jakarta has increased the export duty for refined oil at CPOs to $127 a tonne.
“RBD imports may bring down local prices in the short term. But the surge will affect local refining industry In terms of margins and capacity utilization,” Desai said.
India traditionally imports around 650,000 tonnes of palm oil every month, mostly in the form of CPOs.
Atul Chaturvedi, president of the edible oil trade body of Solvent Extractors Association of India, said the reduction in import duty will prompt buyers to replace CPOs with RBDs in the coming months.
“This is contrary to our principle of self-reliance and can harm job creation and value addition within India,” Chaturvedi said.
India, which meets over 70 per cent of its edible oil consumption through imports, is trying to reduce foreign purchases by promoting local oilseed production.
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