New Delhi: The government on Wednesday lifted import restrictions refined palm oil By December 31 this year, a move that could help increase the availability of the commodity in the domestic market and bring down prices.
According to a notification of Directorate General of Foreign Trade (Directorate General of Foreign Trade), the “Import Policy of Refined Bleached Deodorized Palm Oil”, and Refined Bleached Deodorized Palmolein “has been amended to make it exempt from Restricted with immediate effect and for a period up to 31st December, 2021”.
However, it added that imports are not allowed through any port. Kerala.
Under the restricted category, an importer has to obtain a license or permission from DGFT for inbound shipments.
Government cut basic customs duty on crude oil on Tuesday bribe Up to 10 per cent till September this year.
“These steps are expected to bring down the prices of edible oils for domestic consumers,” the Ministry of Food and Consumer Affairs said in a statement.
The international prices of crude edible oil and refined palm oil were showing a declining trend since last one month. However, domestic refined palm oil and crude edible oil prices remained high.
The government will monitor the prices on a daily basis and expect the industry to pass on the full benefits to the consumers.
“This will come into force with immediate effect and for a period up to December 31, 2021,” the ministry said.
It said food inflation, including high prices of edible oils, has been a cause of concern and the government is monitoring prices and taking steps to remove barriers to softening of prices.
The ministry said that since the country has to depend heavily on imports to meet the demand-supply gap, the global prices have an impact on the domestic prices of edible oils.
Refined bleached deodorized palm oil is made by refining crude palm oil.
India, the world’s largest importer of vegetable oils, buys about 15 million tonnes of oil annually. Of this, 9 million tonnes is in palm oil and the remaining 6 million tonnes is of soybean and sunflower oil.
Indonesia and Malaysia are the two countries that supply palm oil.
Domestic edible oil prices have more than doubled in the last one year. India meets about two-thirds of its edible oil demand through imports.
According to industry body data SeaIndia’s palm oil imports rose 48 per cent to 7,69,602 tonnes in May 2021, on higher shipments of crude palm oil.
India, the world’s leading vegetable oil buyer, imported 4,00,506 tonnes of palm oil in May 2020.
The country’s total vegetable oil imports rose 68 per cent to 12.49 lakh tonnes in May 2021 as against 7.43 lakh tonnes in the year-ago period.
Palm oil accounts for more than 60 percent of the country’s total vegetable oil imports.
According to a notification of Directorate General of Foreign Trade (Directorate General of Foreign Trade), the “Import Policy of Refined Bleached Deodorized Palm Oil”, and Refined Bleached Deodorized Palmolein “has been amended to make it exempt from Restricted with immediate effect and for a period up to 31st December, 2021”.
However, it added that imports are not allowed through any port. Kerala.
Under the restricted category, an importer has to obtain a license or permission from DGFT for inbound shipments.
Government cut basic customs duty on crude oil on Tuesday bribe Up to 10 per cent till September this year.
“These steps are expected to bring down the prices of edible oils for domestic consumers,” the Ministry of Food and Consumer Affairs said in a statement.
The international prices of crude edible oil and refined palm oil were showing a declining trend since last one month. However, domestic refined palm oil and crude edible oil prices remained high.
The government will monitor the prices on a daily basis and expect the industry to pass on the full benefits to the consumers.
“This will come into force with immediate effect and for a period up to December 31, 2021,” the ministry said.
It said food inflation, including high prices of edible oils, has been a cause of concern and the government is monitoring prices and taking steps to remove barriers to softening of prices.
The ministry said that since the country has to depend heavily on imports to meet the demand-supply gap, the global prices have an impact on the domestic prices of edible oils.
Refined bleached deodorized palm oil is made by refining crude palm oil.
India, the world’s largest importer of vegetable oils, buys about 15 million tonnes of oil annually. Of this, 9 million tonnes is in palm oil and the remaining 6 million tonnes is of soybean and sunflower oil.
Indonesia and Malaysia are the two countries that supply palm oil.
Domestic edible oil prices have more than doubled in the last one year. India meets about two-thirds of its edible oil demand through imports.
According to industry body data SeaIndia’s palm oil imports rose 48 per cent to 7,69,602 tonnes in May 2021, on higher shipments of crude palm oil.
India, the world’s leading vegetable oil buyer, imported 4,00,506 tonnes of palm oil in May 2020.
The country’s total vegetable oil imports rose 68 per cent to 12.49 lakh tonnes in May 2021 as against 7.43 lakh tonnes in the year-ago period.
Palm oil accounts for more than 60 percent of the country’s total vegetable oil imports.
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