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Palm Oil Import: India has imported record palm oil in the month of August after a sharp fall in the prices of palm oil in the international market. There has been a jump of 87 percent in the import of palm oil in August 2022 as compared to the month of July, which is the highest in 11 months. The prices of palm oil in the international market have fallen by 40 percent. The price of palm oil has come down from its high level of 1800 to 1900 dollars metric ton to 1,000 to 1100 dollars metric ton.
India is one of the world’s largest palm oil importer countries. This will help in reducing the amount of edible oil in the country. At the same time, Indonesia, the largest producer, will be helped in reducing inventories. In August, India imported 994,997 tonnes of palm oil against 530,420 tonnes in July. It is believed that in September, India can import 1 million tonnes of palm oil.
Palm oil is available cheaper than the rest of the edible oil, so companies have aggressively imported palm oil. At the same time, the festive season is about to knock in India. So the season of weddings is also coming together. In such a situation, there can be an increase in the demand for palm oil.
The government has imposed a tax of 5.5 percent on the import of palm oil. At the same time, the import of soya oil and sunflower oil has been made duty free for the current and next year.
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