STC CONTRACTS FOR ONE LAKH TONNES OF PALMOLEIN IMPORTS

Article Abstract:

The State Trading Corporation (STC) has contracted to import one lakh tonnes of palmolein oil following the decision of the Government of India to buy edible oil abroad. These imports have become necessary due to the rise in the price of the commodity. In all, 1.5 lakh tonnes of palmolein oil is to be imported. The import duty on edible oil has been reduced to 15 percent from 25 percent. With this, the price of edible oil has declined by Rs3,100 per tonne. The shortage in edible oil is due to the fall in oilseed output to 222 lakh tonnes as against the initial estimates of 250 lakh tonnes. Domestic availability of edible oil is 64 lakh tonnes against the estimated 73 lakh tonnes. (gs)

Comment:

Contracts to import 1 lakh tons of palmolein oil following decision of Government to buy edible oil abroad

Imports, State Trading Corp.

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OIL SPILLS TO CONTINUE OVER DOMESTIC MARKET

Article Abstract:

The Union Budget for 1999-2000 has not helped the domestic oilseeds crushing and processing industry as imports of edible oils will continue to enter the markets. This is because import duty on edible oils has not been increased even during a period of peak arrivals. The Solvent Extractors' Association of India had hoped that the import duty on edible oils would be raised from 15 percent to 35 percent on refined oils and to 25 percent on crude edible oils, but the cumulative duty has only been raised to 16.5 percent. (khr)

Comment:

The Union Budget for 1999-2000 has not helped the domestic oilseeds crushing and processing industry as imports of edible oils will continue to enter the markets.

Taxes, Edible fats and oils, not elsewhere classified

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MOVE TO CUT TARIFFS ON EDIBLE OILS IRKS SOLVENT EXTRACTORS

Article Abstract:

The domestic solvent extractor industry is against the government's decision to reduce import duty on edible oil. The government has decided to reduce the import duty on edible oils from Malaysia from 25 percent to 15 percent. The government's decision is aimed at stabilising the prices of edible oil in the domestic market. The prices of edible oil have increased during the last four months. (gsh)

Comment:

India: Govt decides to reduce import duty on edible oils from Malaysia from 25% to 15% but solvent extractor ind is against it

International economic relations

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