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Global edible oil prices down 11-25% YoY on lower India demand: SEA

Import of refined oil decreased to 21.36 lakh tons over 28.71 lakh tons last year.

, ET Bureau|
Updated: Nov 15, 2018, 04.37 PM IST
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Import of refined oil decreased to 21.36 lakh tons over 28.71 lakh tons last year.
Pune: According to Solvent Extractors Association (SEA), reduced demand by India and depreciation of the rupee have led to fall in international prices of edible oils by 11% to 25% during past one year.

During the oil year 2017-18 (Nov.- Oct.) import has increased in first quarter. However imports decreased in second and third quarter due to revision of import duty in June 2018, fast rupee depreciation and also credit crunch has lead to negative growth in import of vegetable oil. Imports increased in fourth quarter, as pipelines were dried up due to lesser import during June & July ’18 coupled with improved parity in import of palm oil due to reduction in spread between palm oil and soft oils.

During Oil Year 2017-18 (Nov-Oct) Palm Oil import decreased to 87.01 lakh tons compared to 92.94 lakh tons during the last year and at the same time, soft oil import increased to 58.16 lakh tons from 57.83 lakh tons in last year, consisting of 30.47 lakh tons of soybean oil, 25.25 lakh tons of sunflower oil, 2.41 lakh tons of rape oil.

Import of refined oil sharply decreased to 21.36 lakh tons compared to 28.71 lakh tons during the same period of last year, however, crude oil import is almost stagnant and reported at 123.81 lakh tons compared to 122.06 lakh tons during corresponding period of previous year.

"Import of Non-edible oils increased by 40% during the year and is reported at 509,748 tons compared to 362,822 tons in previous year (2016-17). "Higher import of P.F.A.D. C.P.S. and RBD Palm Stearin at Nil duty seriously affecting domestic refiners and main cause of disparity in domestic refining of palm oil," SEA release stated.

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