NEW DELHI: India’s import of vegetable oils increased by 15 per cent to 11.69 lakh tonnes last month on rising shipments of refined palm oil, industry body SEA said, while seeking change in duty structure to protect domestic processors.
Solvent Extractors’ Association (SEA) demanded that duty difference between crude and refined vegetable oils should be increased from 7.5 per cent to 15 per cent. At present, import duty on crude edible oil is 12.5 per cent and refined edible oil at 20 per cent. “Import of vegetable oils during June, 2016 is reported at 11,69,456 tonnes compared to 10,16,297 tonnes in June, 2015,” SEA said in a statement
In the first eight months of the current oil year ending October, import of vegetable oils (comprising edible oil and non-edible oil) increased by 10 per cent to 97.63 lakh tonnes compared to 88.49 lakh tonnes in corresponding period last oil year.
“The import of RBD Palmolein during the first eight months of the current oil year i.e. from November 2015 to June 2016 doubled and reached at 17.77 lakh tonnes from 9.13 lakh tonnes replacing import of CPO and expected to increase further in the coming months,” SEA said in a statement. The association said the alarming increase in import of RBD Palmolein is seriously hurting the domestic refining industry.
