Edible oil News

The amendment seeks to align the order with institutional changes brought about by the 2014 merger of two key directorates and to strengthen data collection mechanisms in the edible oil sector through the incorporation of provisions under the Collection of Statistics Act, 2008.

In recent months, the government has taken several policy measures to curb inflationary trends in edible oil prices.

The reduction in prices of edible oil is a result of the customs duty reduction announced by the Government on May 30.

This decision brings the effective duty down to 16.5 per cent, following a sharp rise in edible oil prices—up by 17.4 per cent in April, as per retail inflation data. 

The increasing demand for healthier oil, with reduced saturated fat and increased beneficial nutrients, can be attributed to people's growing understanding of the health implications of their dietary decisions. 

India typically exports about 5 to 6 lakh tonnes of de-oiled rice bran, primarily to Vietnam, Thailand, and other Asian countries, establishing itself as a reliable supplier in the international market

Basic import duty on refined soyabean oil and refined sunflower Oil reduced from 17.5 per cent to 12.5 per cent.

The stakeholders were advised to take up the issue with their members immediately and ensure that the MRP of each oil brand be reduced in line with the decline in the international prices of edible oils with immediate effect.

The international prices of imported edible oils are on a downward trend which gives a positive scenario in the edible oil sector in India.

India imported 1.55 mln tonnes of edible oils in the month of December, a 22 per cent increase on a yearly basis. The overall import of vegetable oils during the first two months of oil marketing year 2022-23. India is the world`s second-largest consumer and number one vegetable oil importer, and it meets around 60 per cent of its need through imports.

Govt advised the edible oil manufacturers, packers, and importers to declare net quantity on packages in volume. It is mandatory to declare the net quantity in terms of standard units of weight or measure. Advised to correct their labeling of declaring net quantity in the units of volume within six months.

According to official sources, Food Secretary Sudhanshu Pandey has written to the Solvent Extractors Association of India (SEA), Indian Vegetable Oil Producers Association (IVPA) and Soybean Processors Association of India (SOPA) in this regard.

Edible oil makers had cut prices by up to Rs 10-15 per litre last month. Major edible oil makers have promised to reduce the MRP by up to Rs 10 per litre by next week.

As per government data, the average retail prices of packaged edible oils have ease slightly, except for groundnut oil, across the country since the beginning of this month and are ruling between Rs 150 and 190 per kg.

In a statement, the government said that with a view to maintain domestic availability and price stability of sugar in the country during sugar season 2021-22 (October-September), it has been decided to regulate the sugar exports with effect from June 1.

Govt has allowed the duty-free import of 20 L MT of crude soyabean, sunflower oil Edible oil prices are likely to go down after the govt's move

As a result, Kachi Ghani mustard oil has decreased in price by Rs 40. The price of mustard seeds declined by Rs 100 per quintal this week compared to the previous week, to Rs 7,515-7,565 per quintal. As a result, mustard Dadri oil declined by Rs 250 per quintal to Rs 15,050.

With Indonesia finally restarting the palm oil exports, the prices of edible oils and other daily life products could go dow. 

India valves out to the new markets for import of edible oils An opportunity has also arisen for industrialists in terms of tapping those markets for exports from India

There is a serious crisis of edible oil all over the world. This simply means that there may be a shortage of edible oil coming to your house in the next few days.