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| Image Credit; Public Domain Flickr |
Move to support its availability at lower prices for the domestic consumer
In order to bring relief to the consumers and reduce the edible oil prices, the Center has reduced the duty on Crude Palm Oil (CPO) by 5%.
Further, to cool down the prices of RBD Palmolein (Refined Palm oil), the Department of Food & Public Distribution has recommended the removal of the restriction on import of RBD Palmolein and to put it in the open general category of imports.
These Moves are expected to lower prices of edible oils for the domestic consumers.
The major edible oils consumed in the country are mustard, soyabean, groundnut, sunflower sesame oil, niger seed, safflower seed, castor and linseed (primary source) and coconut, palm oil, cottonseed, rice bran, solvent extracted oil, tree & forest origin oil. The total domestic demand of edible oils in the country is approximately 250 LMT per year. Around 60% of the edible oils consumed in the country is met through imports.
Palm oils (Crude + Refined) import constitutes around 60% of the total edible oil imported, out of which 54% is imported from Indonesia and Malaysia. As the country has to depend heavily on imports to meet the gap between demand and supply, International prices have an impact on domestic prices of edible oils.
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