Edible oils News

Import duty on edible oils is one of the important factors that impact the landed cost of edible oils and thereby domestic prices. 

Indonesia had announced to ban exports till further notice apparently to contain edible oil prices in their domestic market. Indonesia was levying USD 575 per tonne export duty. Oil and fats contributed to around 60 per cent of food and beverages inflation in the country.

Edible oil prices have declined quite significantly. The decline in oil prices ranges from Rs 20/- to Rs 18/-, Rs 10/-, Rs 7/- at many places. Pandey also refuted any speculation of the extension of the Pradhan Mantri Garib Kalyan Yojana.

The government is keeping a close watch on prices of sugar, pulses and edible oils to check hoarding and ensure adequate availability in the market in the festival season, Food Minister Ram Vilas Paswan said Wednesday.

With retail sugar prices crossing Rs 40/kg, Food Minister Ram Vilas Paswan on Wednesday favoured ban on sugar futures trade in the interest of consumers.

The Union Cabinet on Tuesday extended the time limit of the "control order" for pulses, edible oils and oilseeds by another year till September 30, 2016, to enable the state governments to take appropriate measures for their availability.  

The Solvent Extractors' Association of India (SEAI) Friday welcomed the government's decision to hike the import duty on edible oil by five percent, and urged the government to provide more relief to the sector.