Edible Oil Prices: India imported a record amount of palm oil in the month of August after palm oil prices fell sharply in the international market.
Edible Oil Prices: India imported a record amount of palm oil in the month of August after palm oil prices fell sharply in the international market. Import of palm oil increased by 87 percent in August 2022 compared to the month of July. This is the highest in 11 months. Palm oil prices in the international market have fallen by 40 percent. The price of palm oil has come down from a peak of 1800-1900 dollars to 1,000-1100 dollars per metric tonne.
India is one of the largest importers of palm oil in the world. This will help in reducing the amount of edible oil in the country. At the same time, the largest producer, Indonesia, will help reduce inventories. India imported 530,420 tonnes of palm oil in July and 994,997 tonnes in August. India is expected to import 1 million tonnes of palm oil in September.
Palm oil is cheaper than other edible oil. In this background companies have imported more palm oil. At the same time. It is now the festive season in India. And so the wedding season is coming together. In this context, the demand for palm oil is likely to increase. Otherwise, the government imposed a tax of 5.5 percent on the import of palm oil. At the same time, import of soya oil and sunflower oil has been made tax free for the current and next year.
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