India’s edible oil import bill rose 34.18 per cent to Rs 1.57 lakh crore in the oil year ending October 2022, while in volume terms it rose 6.85 per cent to 140.3 lakh tonnes, industry body SEA said on Monday. India, the world’s leading vegetable oil buyer, had imported 131.3 lakh tonnes of edible oils … Read more
India saw more than two-and-a-half times increase in import of refined palm oil at 17.12 lakh tonne in the last 11 months due to lower prices in Indonesia, industry body SEA said on Thursday. The country had imported 6.28 lakh tonne of refined palm oil (RBD palmolein) in the year-ago period. The oil year runs … Read more
The central government has reduced agri-cess for crude palm oil (CPO) from 7.5% to 5% with effect from February 12, it said. “Post reduction of the agri-cess, the import tax gap between CPO and Refined Palm Oil has increased to 8.25%, ” it said in a statement. It has also invited industry players for a … Read more
India has cut its tax on crude palm oil (CPO) imports to 5% from 7.5%, the government said in a notification, as the world’s biggest edible oil importer tries to rein in local prices of the commodity and help domestic refiners and consumers. The reduction in the tax, known as the Agriculture Infrastructure and Development … Read more
Amid edible oil prices continuing to remain high, the Centre on Friday asked states to direct retailers to prominently display the prices of all edible oil brands for the benefit of consumers and also take action against hoarding at the level of wholesalers, millers and refiners. After a meeting with states’ representatives and industry stakeholders, … Read more
The government on Tuesday reduced basic customs duty on crude palm oil to 10 per cent, which will help bring down the edible oil prices in the retail market. The Central Board of Indirect Taxes and Customs (CBIC) in a notification cut the basic customs duty on crude palm oil to 10 per cent and … Read more
Malaysia has surpassed Indonesia to become the biggest crude palm oil (CPO) exporter to top consumer India in 2020/21, after Indonesia imposed heavy taxes on exports of the edible oil last year, industry officials told Reuters. Malaysia’s palm oil exports to India surged 238% to 2.42 million tonnes in the first seven months of 2020/21 … Read more