In June, India allowed import of refined palm oil for six months. (file photo)
The Indian Ministry of Commerce and Industry issued a notification on Monday saying that import of refined palm oil would be allowed till December 31, 2022.
- Reuters Mumbai
- Last Update:December 20, 2021, 22:51 IS
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India on Monday allowed imports of refined palm oil till December 2022, the government said in a notification, as the world’s largest vegetable oil buyer tries to bring down edible oil prices.
The move could reduce India’s crude palm oil (CPO) imports, as buyers are turning to refined palm oil as exporting countries like Indonesia impose higher taxes on CPO shipments than refined palm oil.
The Indian Ministry of Commerce and Industry issued a notification on Monday saying that import of refined palm oil would be allowed till December 31, 2022.
Indian buyers can import 1.5 million tonnes of refined palm oil and 7 million tonnes of CPO in the 2021/22 marketing year, said Sandeep Bajoria, chief executive of vegetable oil brokerage and consultancy firm Sunwin Group.
India meets more than two-thirds of the edible oil demand through imports, and palm oil accounts for more than 60% of total imports.
In June, India allowed import of refined palm oil for six months.
India earlier on Monday ordered suspension of futures trading in key agricultural commodities for a year as New Delhi struggles to contain food inflation.
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