Surge in palm oil prices, cancellation of import deals; Know how the price of edible oil will be during Diwali

Refer Report

Pune : Edible oil importers in India have canceled contracts to import about one lakh tonnes of palm oil and sold them to traders in other countries to take advantage of higher palm oil prices. Even if the deals are cancelled, there is no possibility of oil price hike or oil shortage during Diwali.

Executive President of The Solvent Extractors Association (SEA) Dr. Bharat Mehta said, India has increased import duty on edible oil. Indonesia is the largest producer of palm oil, but palm oil production in Indonesia has declined, in addition to the emphasis on producing biodiesel from palm oil under the B-40 policy. Malaysia, the second largest producer of palm oil, has raised the price of palm oil in the global market due to increased export duty.

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Palm oil is imported at the cheapest price among the oil imported from different countries at the port of the country. Crude palm oil was being imported at $979 per tonne in July before India hiked the import duty. At present the import rate is $1011 per tonne. Crude soybeans, which are better quality and healthier than palm oil, are being imported at $1015 per tonne and sunflower oil at $1019 per tonne. In July, crude soybeans were imported at $1054 and crude sunflower oil at $1043. Sunflower oil is imported at the most expensive rate. At present there is not much difference in the prices of crude palm oil, soybean oil and sunflower oil. Therefore, edible oil importers are reducing imports of palm oil and importing soybean and sunflower oil.

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There is no possibility of price hike on Diwali

Edible oil traders have canceled deals to import palm oil to take advantage of higher prices in the global market, part of the trade. At present, there is not much difference in the prices of palm oil, soybean oil and sunflower oil. Hence traders are importing soybean oil and sunflower oil. The country has sufficient reserves of edible oil, and refining of oilseeds produced in the country will also begin. Therefore, there is no possibility of shortage or increase in prices during Diwali, informed Shrikant Kuvlekar, an expert on agricultural market system.

Source: Marathi

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