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- Mustard Oil Prices May Ease In The Next Couple Of Months, Imports May Increase In The Next Two three Months
New Delhi35 minutes ago
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Prices of mustard and palm oil may come down in the coming months, indicated by record imports of edible oils in September ahead of the start of the festive season. The import of crude mustard oil started again from August after the price of mustard oil reached the sky in the domestic market and 32,500 tonnes of oil has been imported in the last two months.
20,215 tonnes of mustard oil imported from abroad last month
According to the Solvent Extractors Association of India (SEAO), 12,437 tonnes of crude mustard oil were imported in August and 20,215 tonnes in September. BV Mehta, executive director of SEAO, said in a statement that the import of crude mustard oil may increase in the next two to three months to meet the demand of the domestic market.
16.98 lakh tonnes of edible oils imported in September
According to SEAO, 16.98 lakh tonnes of edible oil were imported from abroad last month, which was the highest import in any one month. Earlier in October 2015, 16.51 lakh tonnes of edible oils were imported.
A record 12.62 lakh tonnes of palm oil was imported
A total of 12.62 lakh tonnes of palm oil was imported in September. This is the highest in a single month since its imports began in 1996. This is the largest quantity of edible oils imported from abroad.
Imports decreased on an annual basis in June, July and August
In the three months before September, i.e. June, July and August, there was a year-on-year decline in the import of edible oils. The import of edible oil was 9,69,431 tonnes (-17%) in June, 9,17,336 tonnes (-40%) in July and 10,16,370 tonnes (-22%) in August.
Record import of vegetable oils also 17,62,338 tonnes
According to SEOA, there was also a record import of vegetable oils last month. In September, 17,62,338 tonnes of oil was imported, which is 66% higher than September 2020. A year ago, 10,61,944 tonnes of oil was imported in the same month.
Import duty is getting a boost due to reduction in import duty
According to the SEOA, the import of oils is getting a boost due to the changes made in the government policy regarding import duty in the last few months. In fact, the government has taken steps to reduce the import duty to curb the rising prices of edible oils in the country.
Palm oil import duty reduced by 23.65% from February 2 to September 11
The effective import duty on crude palm oil was reduced by 11% from February 2 to September 11 this year. The import duty of refined palm oil declined the most at 23.65%, while that of crude and refined soybean and sunflower oil declined by 13.75%.