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Business Recorder
4 hours ago
- Business
- Business Recorder
India cuts import tax on crude edible oils to help reduce food prices
MUMBAI: India halved the basic import tax on crude edible oils to 10% on Friday, the government said, as the world's biggest vegetable oil importer tries to bring down food prices and help the local refining industry. The customs duty applies to crude palm oil, crude soyoil and crude sunflower oil. It will effectively bring down the total import duty on the three oils to 16.5% from earlier 27.5% as they are also subject to India's Agriculture Infrastructure and Development Cess and Social Welfare Surcharge. 'This is a win-win situation for vegetable oil refiners as well as consumers, as local prices will go down due to the duty reduction,' said B.V. Mehta, executive director of the Solvent Extractors' Association of India (SEA). The government did not change the import duty on refined palm oil, refined soyoil or refined sunflower oil, which currently attract a 35.75% import tax. The import duty gap between refined and crude edible oils has risen to 19.25%, which will prompt importers to bring in crude edible oils instead of refined oils and boost the local refining industry, Mehta said. India meets more than 70% of its vegetable oil demand through imports. It buys palm oil mainly from Indonesia, Malaysia and Thailand, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage, said the cut in the basic duty would bring down edible oil prices and help revive retail demand, which has been subdued in recent months.
India Today
3 days ago
- Business
- India Today
India reduces import tax on crude edible oils by 10% to bring down food prices
India halved the basic import tax on crude edible oils to 10 per cent on Friday, the government said, as the world's biggest vegetable oil importer tries to bring down food prices and help the local refining customs duty applies to crude palm oil FCPOc3, crude soy oil BOc2 and crude sunflower will effectively bring down the total import duty on the three oils to 16.5 per cent from earlier 27.5 per cent as they are also subject to India's Agriculture Infrastructure and Development Cess and Social Welfare "This is a win-win situation for vegetable oil refiners as well as consumers, as local prices will go down due to the duty reduction," said B.V. Mehta, executive director of the Solvent Extractors' Association of India (SEA).The government did not change the import duty on refined palm oil, refined soyoil or refined sunflower oil, which currently attract a 35.75 per cent import import duty gap between refined and crude edible oils has risen to 19.25 per cent, which will prompt importers to bring in crude edible oils instead of refined oils and boost the local refining industry, Mehta meets more than 70 per cent of its vegetable oil demand through imports. It buys palm oil mainly from Indonesia, Malaysia and Thailand, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Bajoria, CEO of Sunvin Group, a vegetable oil brokerage, said the cut in the basic duty would bring down edible oil prices and help revive retail demand, which has been subdued in recent months.
Khaleej Times
3 days ago
- Business
- Khaleej Times
India cuts import tax on crude edible oils to help reduce food prices
India halved the basic import tax on crude edible oils to 10% on Friday, the government said, as the world's biggest vegetable oil importer tries to bring down food prices and help the local refining industry. The customs duty applies to crude palm oil, crude soyoil and crude sunflower oil. It will effectively bring down the total import duty on the three oils to 16.5% from earlier 27.5% as they are also subject to India's Agriculture Infrastructure and Development Cess and Social Welfare Surcharge. "This is a win-win situation for vegetable oil refiners as well as consumers, as local prices will go down due to the duty reduction," said B.V. Mehta, executive director of the Solvent Extractors' Association of India (SEA). The government did not change the import duty on refined palm oil, refined soyoil or refined sunflower oil, which currently attract a 35.75% import tax. The import duty gap between refined and crude edible oils has risen to 19.25%, which will prompt importers to bring in crude edible oils instead of refined oils and boost the local refining industry, Mehta said. India meets more than 70% of its vegetable oil demand through imports. It buys palm oil mainly from Indonesia, Malaysia and Thailand, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage, said the cut in the basic duty would bring down edible oil prices and help revive retail demand, which has been subdued in recent months.
Business Recorder
09-05-2025
- Business
- Business Recorder
Palm oil higher on strong buying
JAKARTA: Malaysian palm oil futures shed losses and closed higher on Thursday, after seven straight sessions of decline and hitting their lowest since September, supported by strong buying activities from major consumers, mainly India and China. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained 73 ringgit, or 1.96%, to 3,801 ringgit ($888.71) a metric ton at the close. 'The futures opened lower but quickly found some floor on the back of Indian buying and short covering after a significant decline in recent times,' said Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group. India was actively buying crude palm oil, while China was making purchases of refined, bleached and deodorized (RBD) palm olein this week for delivery in May to September, said a New Delhi-based dealer with a global trade house. Stock levels in both India and China are lower than normal, and the price correction offers an opportunity to build them up at a lower level, the dealer said. Dalian's most-active soyoil contract fell 0.13%, while its palm oil contract shed 0.2%. Soyoil prices on the Chicago Board of Trade were up 1.01%. Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. Malaysian palm oil futures are likely to extend their decline and trade near a two-year low of 3,500 ringgit from June to November as recovery in production leads to a stock build, industry analyst Dorab Mistry said on Wednesday. Oil prices held steady on Thursday, supported by hopes of a breakthrough in looming trade talks between the US and China, the world's two largest oil consumers. The ringgit, palm's currency of trade, weakened 0.99% against the US dollar, making the commodity cheaper for buyers holding foreign currencies.
Business Recorder
08-05-2025
- Business
- Business Recorder
Palm prices decline limited by Indian buying, short covering
JAKARTA: Malaysian palm oil futures fell on Thursday, continuing their decline for an eighth session and hitting their lowest since September, although strong Indian buying and short covering helped erase some early losses. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange lost 1 ringgit, or 0.03%, to 3,727 ringgit ($874.27) a metric ton by the midday break. 'The futures opened lower but quickly found some floor on the back of Indian buying and short covering after a significant decline in recent times,' said Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group. India has been at the forefront to buy palm oil due to its lucrative prices in comparison to rival oils, mainly soyoil, he added. Dalian's most-active soyoil contract fell 0.13%, while its palm oil contract shed 0.63%. Soyoil prices on the Chicago Board of Trade were up 0.49%. Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. Malaysian palm oil futures are likely to extend their decline and trade near a two-year low of 3,500 ringgit from June to November as recovery in production leads to a stock build, industry analyst Dorab Mistry said on Wednesday. Malaysian palm oil futures slip Oil rose on the day, supported by hopes of a breakthrough in looming US-China trade talks. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.71% against the US dollar, making the commodity cheaper for buyers holding foreign currencies. Palm oil may test support at 3,702 ringgit, a break below which could open the way towards the 3,638-3,662 ringgit range, according to Reuters' technical analyst Wang Tao.
