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The Economic Times

Indian edible oil industry has issued advisory to avoid import of palm oil from Malaysia

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PUNE: Indian edible oil industry body Solvent Extractors' Association (SEA) has issued an advisory to its members to refrain from importing palm oil from Malaysia.

"We have issued the following Trade Advisory to the Members of the Association to refrain from importing Palm Oil from Malaysia," said Atul Charturvedi, president, SEA in a letter addressed to its members. "The recent developments pertaining to strained relations between our Nation and Malaysia has put a lot of responsibility on our industry in view of huge imports of Palm oil from that country," he said.

The letter further mentioned: "Our Government has not taken kindly to the unprovoked pronouncements by the Malaysian Prime Minister and is contemplating some retaliatory action. It would be in fitness of things, as responsible Indian vegetable oil industry, we avoid purchasing of palm oil from Malaysia till such time clarity on the way forward emerges from Indian Government. In your own interest as well as a mark of solidarity with our Nation, we should avoid purchases from Malaysia for the time being. We trust you would heed our advise."

An earlier release from SEA had said that in the wake of the media report that Government of India may take some action to curtail the import of palm oil from Malaysia following the hostile attitude by Malaysia at the United Nation on Kashmir issue and fearing some action by Government of India, many importers and refiners have shifted their buying from Malaysia to Indonesia for Nov-Dec shipments. "The Malaysian Government is trying to cool down this issue by offering to buy larger quantity of sugar and buffalo meat from India. The confusion prevailing is not desirable and needs to be resolved immediately. It is needless to mention that India needs palm oil from both Malaysia and Indonesia and it may not be prudent to depend on only one supplier. However, we would abide by whatever decision Government of India takes. Hopefully this crisis would blow off," it had said.
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