Sea has increased to increase refined palm oil imports, domestic processors are losing
As soon as palm oil prices fell in the global market, Indian importers raised imports to store it again. In May and June 2025, the volume is expected to increase further. Prior to this, the Edible Oil Industry Body Drinking Executive Association (SEA) demanded that the government increase the importance of refined palm oil to protect the domestic processing industry from the current 32.5 per cent to 40 per cent. Sanjeev Astana, president of the Extractors Association of India, wrote a letter to Union Food and Consumer Affairs Minister Pralhad Joshi, demanding an increase in import duty between CPO and RBD Pamolin to give equal opportunities to the domestic refinery.
‘Prepared goods affect the domestic industry’
Astana said that this import of completed goods is contrary to our national interests and that our palm refinement industry capacity is affected. He said the refined palmolin is currently cheaper with US $ 50 per ton. The main reason for the increase in palmolin imports is the encouragement of countries (Malaysia and Indonesia) to export to its industry. He placed a high export duty on the CPO and a less export duty on Pamolin (final product).
40 percent demand for import tariff
The Astana Minister has been asked to increase the RBD palmolin fee from the current 32.5 per cent to 40 per cent. September 14, 2024, the basic rituals on raw soybean oil, raw palm oil and raw sunflower oil have been increased from minus to 20 percent, in addition, refined palm oil, refined sunflower oil and refined sunflower and refined soybean oil have been reduced to 32.5 %. India fulfills over 50 percent of its edible oil needs.
Raw palm oil is also increasing imports
At the same time, the National President of All India Food Oil Traders and National Minister of Confederation of All India Traders (Cat) is currently priced at 0 1,050 per ton of raw palm and soy oil. In such a situation, Indian importers are trying to increase the stock again. The import of raw palm oil in May is expected to increase over 500,000 tonnes and over 600,000 tonnes in June. (With input of PTI)
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