look news india
Mumbai: According to data from The Solvent Extractors Association, the country's vegetable oil (edible and non-edible) imports in June of the current year rose 18 per cent year-on-year to 1,550,659 tonnes from 1,314,476 tonnes in June 2023. India (C). Imports are believed to have increased after the festive season.
Among vegetable oils, edible oil imports stood at 1527481 tonnes in June while non-edible oil imports stood at 23178 tonnes.
Palm oil imports in June reached a six-month high. Imports have seen an increase in demand from refiners due to the upcoming festivals. Palm oil imports in June were 3 percent higher than in May. On the other hand, soybean oil imports declined by 15 percent while sunflower imports were 13.40 percent higher.
Sina data also shows that total imports in the first eight months of the current oil year, i.e. November 2023 to June 2024, stood at 10,229,106 tonnes, down two per cent year-on-year.
C has expressed hope that the Finance Minister will launch the National Edible Oil Mission in the next budget to increase the availability of edible oils in the country. Increasing domestic availability can reduce dependence on import of edible oil. The difference in import duty on crude and refined oils, which is currently 7.50 percent, has also been increased to 15 percent.