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BUSINESS

India buys 64,087 tonnes of refined palm oil from Malaysia in August

15/09/2021 09:37 PM

NEW DELHI, Sept 15 -- India purchased 64,087 tonnes of RBD palm olein from Malaysia in August as the country’s refined palm oil imports have revived following a relaxation in trade rules in June.

India imported 277,907 tonnes of palm oil, including 205,320 tonnes of crude palm oil (CPO) and 8,500 tonnes of crude palm kernel oil (CPKO), from Malaysia last month, according to the latest data released by the Mumbai-based Solvent Extractors' Association of India (SEA).

August's overall Indian edible oil imports totalled more than one million tonnes, including 750,134 tonnes of palm oil.

RBD palm olein imports during the month were 187,471 tonnes compared with 13,895 tonnes in July.

Refined palm oil imports are likely to see similar volumes in the coming months, SEA said.

The Indian Ministry of Commerce in June lifted a restriction on refined palm oil imports for six months amid high domestic cooking oil prices.

India has also used import duty reductions to boost local edible oil supplies.

In the latest move to cool retail prices, the world's top vegetable oil importer last week cut import duties on CPO, RBD palm olein, soy oil, and sunflower oil.

It slashed the base import tax on CPO to 2.5 per cent from 10 per cent, while on refined palm oil the base tax rate was reduced to 32.5 per cent from 37.5 per cent.

The current effective duty, including levies, on CPO is 24.75 per cent while on the refined variety is 35.75 per cent.

-- BERNAMA
 


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