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India permitted refined palm oil imports till December 31, 2022

India permitted refined palm oil imports till December 31, 2022

India allowed refined palm oil imports till December 2022, according to a government order, as the world’s largest vegetable oil buyer seeks to lower edible oil prices.

The move may reduce India’s imports of crude palm oil (CPO), with buyers moving to refined palm oil as exporting countries such as Indonesia levy higher taxes on CPO consignments than on refined palm oil.

Also Read | Imports of edible oil fell by 20% in June, owing to increased inventory in the country

On Monday, the Indian Ministry of Commerce and Industry announced that imports of refined palm oil would be permitted till December 31, 2022.

Imports are allowed

According to Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage, and consultancy firm, Indian buyers could import 1.5 million tonnes of refined palm oil and 7 million tonnes of CPO in the 2021/22 marketing year, which began on November 1.

More than two-thirds of India’s edible oil demand is met through imports, with palm oil accounting for more than 60% of total imports. India approved refined palm oil imports for six months in June.

India had earlier ordered a year-long suspension of futures trading in key farm commodities, as the country struggles to control food inflation.

Also Read | Retail edible oil prices on decline after Govt reduced import duties

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