Edible oil prices fall on foreign cues
Recently Indonesia lifted the ban on palm oil. With which 2 lakh tonnes of crude palm oil is being sent to India. It is expected that this consignment of oil will reach India by the end of this week.
CPO (except Sunflower and Soyabean degum (crude))CPO) and other oilseeds like palmolein, due to non-reduction in import duty, there was a fall in the Malaysia Exchange, which has affected the domestic markets. Mustard, groundnut, soybean oil-oilseeds, cottonseed, CPO, palmolein edible oil at the local level due to the decline of foreign markets.edible oil) Prices declined. Today only Soyabean Indore oil price remained the same. Traders said that the government has imposed import duty only on refining companies of sunflower and soybean degum (crude) on annual import of 2 million tonnes every year till March 2024.import duty) has been decided to provide exemption. For this, information has been sought from refining companies from May 27 to June 28 about the quantity of edible oils they intend to import. This exemption is only for those companies which after processing the imported oil, intend to sell it to the consumers. Markets plunged in Malaysia on the denial of the possibility of an import duty exemption, and CPO and palmolein oils declined. Sources said the Malaysia Exchange was down 2.25 per cent, while the Chicago Exchange was down about 1.5 per cent. .
Edible oils expected to decline
At the same time, there is an expectation of further fall in the prices of edible oils in the coming time. In fact, recently Indonesia lifted the ban on palm oil. With which 2 lakh tonnes of crude palm oil is being sent to India. It is expected that this consignment of oil will reach India by the end of this week and its effect will start showing in the retail market from mid-June. At present, India imports 13.5 million tonnes of edible oil, of which 85 lakh tonnes is of palm oil. Due to the ban by Indonesia, the shortage of palm oil had an effect on the consumption of other oils, now it is expected that due to the increase in supply again, prices may see a softening.
What is market opinion
Sources said that amid efforts to reduce import duty of sunflower and soybean degum (crude), local business was also affected due to the fall in overseas and mustard, groundnut and soybean oil-oilseeds prices closed lower. Only Soyabean Indore prices remained unchanged. Sources said that the sale of cottonseed oil cake which is used as animal feed is exempted from Goods and Services Tax (GST). Using this exemption, some people are making fake cottonseed cake cakes which need to be strictly enforced. Sources said that instead of increasing the import duty, the government will have to focus on increasing the production of oilseeds, which will help in eliminating the dependence of imports on other countries. Sources said that the government should think of measures to bridge the huge gap between the wholesale sale price and the retail sale price in the market, more than by increasing the duty.
Source: www.tv9hindi.com
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