In our daily routines, we often consume foods without realizing their underlying ingredients. One such omnipresent yet discreetly used ingredient is <keyword id="49109" type="General" weightage="20" keywordseo="Palm-oil" source="Orion">palm oil</keyword>. This versatile oil finds its way into numerous products lining our kitchen shelves, contributing to the texture, taste, and even shelf life of various foods. Let's delve into 10 everyday foods that commonly harbor significant amounts of palm oil. Margarine and Spreads: Often marketed as a healthier alternative to butter, margarine and spreads frequently contain palm oil. Its solid consistency at room temperature makes it a prime choice for achieving the desired texture in these products. Baked Goods: Pastries, cookies, cakes, and even bread often contain palm oil due to its ability to enhance the structure and texture of these baked items. It's used in various forms, contributing to the flakiness or softness desired in these treats. Chocolate and Chocolate Products: Palm oil is frequently used in the production of chocolate, especially in cheaper or mass-produced varieties. It aids in giving chocolate a smooth texture and prevents it from melting too quickly. Instant Noodles: An easy and quick meal option, instant noodles often contain palm oil in their seasoning packets or as part of the noodle-making process, contributing to their texture and flavor. Processed Snack Foods: Items like chips, crackers, and other processed snacks commonly contain palm oil, as it helps create the desired crunchiness and extends their shelf life. Ice Cream: Palm oil is utilized in ice cream production to maintain a creamy texture and prevent the formation of ice crystals, ensuring a smoother mouthfeel. Non-Dairy Creamers: Often used as a substitute for milk or cream in coffee or tea, non-dairy creamers frequently contain palm oil to achieve the creamy consistency desired by consumers. Canned Soups and Sauces: Many canned soups and sauces use palm oil to stabilize the ingredients and prevent separation, ensuring a consistent texture and appearance. Infant Formulas: Some infant formulas contain palm oil as a source of fat. It provides essential fatty acids for the baby's development and helps emulate the fat content of breast milk. Personal Care Products: Beyond the realm of food, palm oil finds its way into various personal care items like soaps, shampoos, and cosmetics due to its emollient properties, aiding in moisturizing and conditioning. While palm oil serves various functions in these products, its widespread use raises concerns regarding its environmental impact, particularly regarding deforestation and habitat destruction for oil palm plantations. Consumers are increasingly advocating for sustainable alternatives and transparency in labeling to make informed choices about the products they purchase. Understanding the prevalence of palm oil in everyday items empowers consumers to make conscientious decisions, whether it's opting for products with sustainably sourced palm oil or seeking out alternatives that use different oils altogether. By being aware of the foods and goods that often contain palm oil, individuals can take steps towards supporting more environmentally friendly and ethical practices in the production of everyday essentials. Note: The article is based on content generated by AI models like Bard and Chatgpt. SEE ALSO: <a href="https://www.businessinsider.in/science/health/food/webstories/10-food-items-you-should-never-refrigerate/slidelist/105264858.cms" data-type="tilCustomLink" target="_blank">10 Food items that you should never refrigerate</a>

Exploring 10 everyday foods stealthily high in palm oil

India's vegetable oils import rose 16% to 167.1 lakh tonnes in the current oil year that ended in October 2023, driven by lower duty on certain edible oils, industry body SEA said on Monday. The country had imported 144.1 lakh tonnes of vegetable oils in the previous 2021-22 oil year (November-October). Out of the total vegetable oils, much of the imports were edible oils at 164.7 lakh tonnes, while non-edible oils were only 2.4 lakh tonnes during 2022-23 oil year. India is a leading <keyword id="451493" type="General" weightage="20" keywordseo="vegetable-oil" source="Orion">vegetable oil</keyword> buyer in the world. According to Mumbai-based Solvent Extractors Association of India (SEA), "Import of edible oils during the 2022-23 oil year has surged to 164.7 lakh tonnes. This increase of 24.4 lakh tonnes from previous year is driven by the current low of 5.5% duty on crude palm oil, soybean oil and <keyword id="58302" type="General" weightage="20" keywordseo="sunflower-oil" source="Orion">sunflower oil</keyword>." This influx of imports has transformed India into a prime destination for excess oil supplies, it said in a statement. Notably, RBD Palmolein imports constitute over 25% of the total palm oil imports, significantly impacting the domestic refining industry, which is grappling with a significant underutilization of its installed capacity, it noted. In value terms, SEA said the country's edible oil imports were worth Rs 1.38 lakh crores in 2022-23, lower than Rs 1.57 lakh crores in 2021-22 and 1.17 lakh tonnes in 2020-21. As on November 1, SEA estimated stocks at ports to be approximately 33.0 lakh tonnes, down by about 3 lakh tonnes from previous month, due to lesser import and higher consumption in festival season. The country's import has gradually increased during the first quarter and slightly slowed down in the second quarter. However, imports increased again in the third quarter due to sharp reduction in domestic prices of edible oils. Import has declined in the fourth quarter due to larger stock in the pipeline and at the ports, it added. Among palm oils, import of RBD Palmolein increased to 21.1 lakh tonnes, from 18.4 lakh tonnes during the 2022-23 oil year, while crude palm oil (CPO) jumped to 75.9 lakh tonnes from 54.9 lakh tonnes in the said period. Import of crude palm kernel oil (CPKO) rose to 94,148 tonnes during 2022-23, from 79,740 tonnes in the previous oil year. SEA said total import of palm products increased sharply due to price parity during the 2022-23 oil year, and thus increasing the share of palm oil to 59% from 56%. Among soft oils, import of sunflower oil increased to 30 lakh tonnes during 2022-23 oil year, from 19.4 lakh tonnes in the previous year due to zero import duty till June 15. This led to reduction in import of soybean oil to 36.8 lakh tonnes from 41.7 lakh tonnes in the previous year. "Import of RBD Palmolein increased sharply as Indonesia was discounting the RBD Palomlein over CPO and passing off the benefit of higher duty on CPO and lesser on RBD Palmolein...," the SEA said. India imports palm oil mainly from Indonesia and Malaysia and a small quantity of crude soft oil, including soyabean, from Argentina. Sunflower oil is imported from Ukraine and Russia.

India's vegetable oils import up 16% in 2022-23 oil year

<ul><li>High edible oil prices have been impacting all consumers and low-income households have been bearing the brunt of it.</li><li>A big chunk of consumer income on essential items, especially on edible oils, whose prices have increased 50-70% more than pre-COVID levels.</li><li>A <a href="https://www.localcircles.com/a/press/page/edible-oil-survey">survey </a>conducted by community social media platform LocalsCircle earlier this year found that 24% of Indian households had cut their oil consumption when it touched historic highs and 67% of consumers were paying more for it by reducing spending and savings.</li><li>There’s finally some good news for consumers as <keyword id="236770" type="General" weightage="20" keywordseo="adani-wilmar" source="Orion">Adani Wilmar</keyword>’s Fortune Oil and Raag have reduced prices of edible oil for the second time in a month.</li></ul>Your thalinomics might finally change for the better as the prices of edible oil start coming down from historic highs this month. FMCG giant Adani Wilmar, the maker of Fortune oil, has announced a reduction in its sticker price for the <a href="https://www.businessinsider.in/business/news/indias-duty-cuts-on-edible-oil-will-offset-rupee-fall-but-it-will-widen-gap-between-healthy-and-unhealthy-choices/articleshow/92947936.cms">second </a>time. After reducing its edible oil prices by ₹10 in June, Fortune Oil’s Soyabean Oil, Sunflower Oil, Mustard Oil, Rice Bran Oil will get cheaper by up to ₹5-20 per litre. This comes after the government had <a href="https://www.livemint.com/industry/agriculture/govt-slashes-effective-import-duty-on-crude-palm-oil-to-5-5-to-cool-edible-oil-prices-11644721728342.html">slashed </a>import duties by 5.5% and asked the manufacturers to pass it on to consumers. “We have passed on the benefits of global price reduction to our consumers and the stocks with new prices will reach the market soon. Our products will be available at reduced costs to our consumers. This step will certainly boost demand for the upcoming festive season,” said Angshu Mallick, MD and CEO, Adani Wilmar. India is <a href="https://www.businessinsider.in/business/news/indias-duty-cuts-on-edible-oil-will-offset-rupee-fall-but-it-will-widen-gap-between-healthy-and-unhealthy-choices/articleshow/92947936.cms">highly dependent</a> on oilseeds growers outside the country as it is the world's second-largest <a href="https://economictimes.indiatimes.com/news/economy/foreign-trade/huge-edible-oil-imports-compromise-indias-interest-imperative-to-become-self-reliant/articleshow/92796952.cms?from=mdr#:~:text=India%20is%20the%20world's%20second,in%20continuous%20dependence%20on%20imports.">consumer </a>and number one <a href="https://economictimes.indiatimes.com/news/economy/foreign-trade/huge-edible-oil-imports-compromise-indias-interest-imperative-to-become-self-reliant/articleshow/92796952.cms?from=mdr#:~:text=India%20is%20the%20world's%20second,in%20continuous%20dependence%20on%20imports.">importer </a>of vegetable oil. It meets 55-60% of its needs through imports. Import-reliant edible oil prices have been on an upward trend this year and common people have been feeling the heat of it. A reduction in import duties, therefore, will bring respite for both oil manufacturers and consumers. With the festive season around the corner, Adani Wilmar is now optimistic that price reduction will boost consumer sentiment. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Edible Oils </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Earlier Price (in ₹) </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Revised MRP (in ₹) </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Fortune Soyabean Oil </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">195 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">165 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Fortune Sunflower Oil </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">210 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">199 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Fortune Mustard Oil </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">195 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">190 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Fortune Rice Bran Oil </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">225 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">210 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Fortune Groundnut Oil </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">220 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">210 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Raag Vanaspati </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">200 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">185 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Raag Palmolein Oil </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">170 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">144 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> According to recently released data by the Ministry of Statistics and Programme Implementation, edible oil <a href="https://mospi.gov.in/documents/213904/416359//CPI%20Press%20Release%20June%2020221657627219122.pdf/dd978e29-3d3b-c0a8-5a4f-8d41ee23027f">prices are over 9% higher than they were </a>last year. After vegetables and spices, oils and fats have seen the biggest increase in the inflation rate during the same period. With two consecutive price reductions in edible oil stickers, prices in the food basket might cool down after all, even as the retail inflation remained stable in June, just as it was, the month before.

Adani Wilmar cuts Fortune oil’s price for the second time, by ₹20

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s total edible oil imports during November to March were at 5.64 million tonne, up nearly 8 per cent from the same period of 2020-21, according to the data compiled by the vegetable oil industry body The Solvent Extractors' Association of India. Notably, the marketing year for edible oil starts in November. In the month of March, the edible oil imports rose nearly 10 per cent year-on-year to 1.05 million tonnes, the <keyword id="8688" type="General" weightage="50" keywordseo="sea" source="Orion">SEA</keyword> data showed. In March 2021, it was at 9,57,633 tonne. In March, 212,000 tonnes of sunflower oil arrived in India as those vessels had left before conflict between <keyword id="6358826" type="General" weightage="20" keywordseo="russia" source="Orion">Russia</keyword> and <keyword id="6355101" type="General" weightage="50" keywordseo="ukraine" source="Orion">Ukraine</keyword> started. Ukraine and Russia are two major suppliers of sunflower oil to India. Of the 212,000 tonnes sunflower imports, 11,900 tonnes were sourced from another supplier Argentina. However, in April, no shipments from Ukraine took place so far and because of which sunflower oil import may fall to nearly 80,000 tons, SEA said in a statement. The statement added that high prices of sunflower oil in the international market and lesser availability weighed on the demand and consumption of sunflower oil. "This shortfall is partially being replaced by other edible oils like palmolein, soybean oil, groundnut oil in South India and by refined mustard oil and rice bran oil in North India." Also, a slight decline in prices of soya oil, sunflower oil, palm oil and other edible oils during the past one month provided some relief to the consumers, it said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/xiaomis-manu-kumar-jain-has-been-reportedly-summoned-by-the-enforcement-directorate/articleshow/90803402.cms">Xiaomi’s Manu Kumar Jain has been reportedly summoned by the Enforcement Directorate</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/travel-tourism-and-hospitality-sector-is-witnessing-a-surge-in-manpower-demand-by-20-percent/slidelist/90799907.cms">Travel, tourism and hospitality sector is witnessing a surge in manpower demand by 20 percent</a>

India's edible oil imports at 5.64 million tonnes during November-March, up by 8% YoY

Why palm oil is so cheap

New Delhi, Mar 2 () The commerce ministry's investigation arm DGTR has not recommend further extension of bilateral safeguard duty on imports of a particular variety of palm oil from Malaysia, according to a notification.The Directorate General of Trade Remedies (DGTR) in August last year initiated a probe into an alleged jump in imports of 'Refined Bleached Deodorised Palmolein and Refined Bleached Deodorised Palm Oil' from Malaysia, following a complaint from Solvent Extractors' Association of India.The notification said the "director general does not recommend further extension of bilateral safeguard duty".On September 4, 2019, the revenue department had imposed 5 per cent safeguard duty on imports of refined palm oil from Malaysia, taking the customs levy to 50 per cent for six months, a move aimed at protecting interest of domestic players.It was imposed after the DGTR in a preliminary findings suggested for imposition of the duty for 180 days.According to the final findings, the directorate has concluded that "it may not be necessary to impose safeguard duty beyond the current period of 180 days"."It is considered that the bilateral safeguard duty imposed" on September 4, 2019 under the CECA (Comprehensive Economic Cooperation Agreement) on the imports for a period of 180 days "is sufficient in the present circumstances," it has added.The investigation was conducted under the India-Malaysia Comprehensive Economic Cooperation Agreement (Bilateral Safeguard Measures) Rules, 2017.The agreement is a kind of free trade pact under which both countries have reduced customs duties on several goods traded between them.Imports from Malaysia increased from 6,26,362 MT in 2016-17 to 25,96,225 MT in Jan-June, 2019 (on annualised basis), showing an increase of 314 per cent.Imports from other countries declined from 23,15,292 MT in 2016-17 to 7,25,210 MT in Jan-June, 2019 (on annualized basis). RR BALBAL

Comm min for not extending safeguard duty on palm oil imports from Malaysia

New Delhi, Dec 13 () Vegetable oil imports fell marginally to 11.28 lakh tonne in November due to decline in inward shipments of non-edible oil, according to Solvent Extractors' Association. 
Out of the total vegetable oil import, the shipments of edible oil rose to 10,97,424 tonne in November 2019 from 10,73,353 tonne in the same month last year.
Non-edible oils import, however, fell to 30,796 tonne compared to 60,450 tonne in the year-ago period, SEA said in a statement.
"Import of vegetable oils during November 2019 is reported at 11,28,220 tonne compared to 11,33,893 tonne in November, 2018," the statement said.
Oil year runs from November to October. 
Import of refined palm oil drastically reduced following the imposition of 5 per cent safeguard duty on shipments from Malaysia with effect from September 4, 2019. 
The import of refined palm oil stood at 2.57 lakh tonne in August and 2.64 lakh tonne in September. However, shipments reduced to 1.18 lakh tonne in October and stood at 1.22 lakh tonne in November.
During November 2019, import of refined oil (RBD Palmolein) increased to 1,24,909 tonne from 1,08,911 tonne in November 2018. Import of crude oil increased to 9,75,015 tonne from 9,64,442 tonne in November 2018.
India's vegetable oil imports increased 3.5 per cent to 155.5 lakh tonne in 2018-19 marketing year, due to increase in inward shipments of refined oils. MJH ANU

Vegetable oil imports down marginally to 11.28 lakh tonne in Nov

New Delhi, Feb 13 () Vegetable oil imports fell 6 per cent to 11.96 lakh tonnes in January due to restriction on inward shipments of refined palm oil, an industry body said on Thursday. Import of vegetable oils (comprising edible and non-edible oils) during last month is reported at 11,95,812 tonnes compared to 12,75,259 tonnes in January 2019, Solvent Extractors' Association of India (SEA) said in a statement.Edible oil imports fell to 11,57,123 tonnes from 12,10,603 tonnes, while shipments of non-edible imports declined to 38,689 tonnes from 64,656 units during the period under review, the data showed.During the first three months of 2019-20 oil marketing year, the overall import of vegetable oils is down 5 per cent at 34,51,313 tonnes compared to 36,20,316 tonnes in the corresponding period of the previous year. Oil year runs from November to October."Director General of Foreign Trade (DGFT), Ministry of Commerce &amp; Industry, issued notification dated 8th January, 2019, placing import of RBD Palmolein and Palm Oil under 'restricted list' to regulate excessive import in to India. The import will now be subject to license to be issued by DGFT," the statement said.During first quarter of current oil year, import of refined oil (mainly RBD palmolein) decreased to 2,66,859 tonnes from 4,06,799 tonnes in the same period of last year. However, import of crude oil increased marginally at 30,94,068 tonnes compared to 30,22,951 tonnes during the same period of last year."During November'19-January'20, palm oil import has decreased to 20,04,657 tonnes (60 per cent) from 23,18,763 tonnes (68 per cent) during the same period of last year. However, soft oils (sunflower, soyabean and rapeseed) import increased to 13,56,270 tonnes (40 per cent) from 11,10,987 tonnes (32 per cent) during the same period of last year mainly due to reduction in spread between Palm Oil and Soft Oils, makes soft oils import more viable," the statement said. MJH RUJ

Veg oil imports down 6% at 11.96 lakh tonnes in January 2020

New Delhi, Mar 13 () Vegetable oil imports fell 10.5 per cent to 11.12 lakh tonnes last month, mainly due to lower shipments of refined palm oil, according to industry data. Import of vegetable oil during February 2020 is reported at 11,12,478 tonnes compared to 12,42,533 tonnes in February 2019, the Solvent Extractors' Association of India (SEA) said in a statement. Out of total vegetable oil imports last month, 10,89,661 tonnes was edible oil, while 22,817 tonnes was non-edible oil, SEA said. The overall import of vegetable oil during November 2019 to February 2020 fell 6.1 per cent to 45,63,791 tonnes compared to 48,62,849 tonnes in the corresponding period of the previous year. Oil year runs from November to October. "In view of placing RBD Palmolein under restricted list with effect from January 8, 2020, its import has drastically reduced in February 2020 at 33,677 tons," SEA said. "Import of crude sunflower and crude soyabean oil sharply increased as spread between palm oil and soft oils reduced to nearly USD 75 to 80 per tonne, encouraging larger import of soft oils," it added. MJH RVK

Veg oil imports down 10.5 pc to 11.12 lakh tonnes in Feb

New Delhi, Jan 1 () The government on Wednesday slashed import duty on refined palmolein from 50 per cent to 45 per cent, while that on crude palm oil (CPO) from 40 per cent to 37.5 per cent with immediate effect, a move that the industry opposed saying it will hurt domestic refiners.
 A notification in this regard has been issued by the finance ministry.
 The duty cut has been made under the ASEAN agreement and the India-Malaysia Comprehensive Economic Cooperation Agreement (IMCECA), the notification added.
 Opposing the move, the Solvent Extractors' Association of India (SEA) said that after the reduction in import duty, the tax difference between CPO and refined palmolein has reduced from 10 per cent to 7.5 per cent.
 "This will have serious impact on domestic palm oil refining industry and oilseeds farmers. We fear import of refined palmolien would increase and capacity utilisation of our industry would be affected leading to potential loss of employment," SEA Executive Director B V Mehta said in a statement.
 After a long time, the domestic oilseeds had started selling their produce above the minimum support price (MSP). "Lower import duty would make it difficult to defend MSP and the new found enthusiasm of the oilseed farmers would be dampened," he said.
 The country's edible oil imports are now touching 70 per cent of the consumption. The duty cut would be counterproductive and contrary to the government's stated objective of increasing domestic oilseed production, he added.
 Asserting that India too should protect the interest of farmers like Malayasia and Indonesia, the SEA said Indonesia from January 1 has imposed export duty of USD 50 on CPO and USD 30 per cent on refined palmolien.
 Similarly, Malaysia has imposed export duty of USD 31 per cent on CPO and zero duty on refined palmolein which work out to be nearly 5 per cent on CPO value, thus effective duty difference is hardly 2.5 per cent only.
 "We strongly appeal to the government to increase the duty differential between CPO and refined palm oil to 15 per cent, by taking appropriate measures," the industry body added. LUX HRS

Govt cuts import duty on crude, refined palm oils under ASEAN, IMCECA pacts

New Delhi, Feb 25 () Edible oil industry on Tuesday urged the government to stop issuing further licences for the import of palmolien, warning that it would further depress local prices ahead of the arrival of massive mustard seed crop. In a representation to the Commerce Ministry, Solvent Extractors Association of India (SEA) President Atul Chaturvedi noted that the government banned import of RBD Palmolein a month back to check excessive imports but media reports said that the Directorate General of Foreign Trade (DGFT) has issued licences for the import of 11 lakh tonnes of palmolien. "We are dismayed at this action which has the potential of destroying palm refining industry in the country. This is contrary to our PM's vision of Make in India," he added. The industry appealed to the Commerce Ministry to stop issuing further licences to safeguard the interest of domestic vegetable oil refining industry and mustard farmers. Chaturvedia further said that there is no shortage of RBD Palmolein or edible oils in the country and also edible oil prices in international as well as domestic markets are showing downward trend in the last one-and-a-half months. With a massive mustard crop ready for harvesting, import of palmolien will have a great dampening effect on prices of domestic oilseeds and oils, he said He also expressed concern that it may result in mustard selling below minimum support price (MSP) and once again government's nodal agency NAFED getting saddled with huge stocks. According to the SEA, Indonesia has great advantage to push RBD Palmoelin to India as it is cheaper than crude palm oil (CPO), at present, with higher levy on CPO at USD 50 per tonne and lower duty on RBD Palmoelin at USD 30 per tonne. Further, India's duty difference between CPO and RBD Palmolein being only 7.5 per cent will open the flood gates for import of RBD Palmolein which was seen during last year from January to September 2019 when the duty difference was just 5 per cent for import from Malaysia, it said. "This will also have serious impact on domestic refining industry and capacity utilizations will go down," SEA said. LUX MRMR

Govt should stop issuing further licence for import of palmolien: SEA

New Delhi, Jan 1 () Following are the top business stories at 1830 hours:
 
DCM22 BIZ-LD AUTO SALES
Maruti Suzuki, M&amp;M beat year-end blues, post rise in domestic sales figures
New Delhi: The country's largest carmaker Maruti Suzuki India and Mahindra &amp; Mahindra on Wednesday reported rise in their domestic sales in December, even as Hyundai and Totoya posted negative growth.
 
DEL55 BIZ-LD STOCKS
Stocks advance on New Year Day on positive macro data, govt infra push 
Mumbai: Stock markets started the New Year on a positive note with benchmark index Sensex gaining 52.28 points or 0.13 per cent to close at 41,306.02 on Wednesday as financials, IT, FMCG and power stocks advanced.
 
DEL49 AVI-FAA-MAX PLANES
Boeing 737 MAX plane: FAA says no timeframe set for completion of work
New Delhi: As many airlines worldwide await the final word on Boeing 737 MAX aircraft, the US aviation watchdog FAA has said a "thorough process" is being followed for testing the plane but no timeframe has been set for completion of the work.
 
DEL43 BIZ-GST
GST revenue mop-up rises to Rs 1.03 lakh cr in Dec
New Delhi: GST revenue collection remained above the Rs 1 lakh crore mark for the second month in a row with December mop-up rising to Rs 1.03 lakh crore as compared to the year-ago period.
 
DEL20 BIZ-ATF-LPG-PRICE
ATF cost up 2.6%; non-subsidised LPG price hiked by Rs 19
New Delhi: Jet fuel or ATF price was on Wednesday hiked by 2.6 per cent and that of non-subsidised cooking gas LPG by Rs 19 per cylinder on the back of a rise in international rates.
 
DEL18 BIZ-INDIA-GROWTH-HANKE
India will struggle to achieve 5 pc GDP growth in 2020: Steve Hanke
New Delhi: India will "struggle" to achieve 5 per cent GDP growth in 2020 as the significant deceleration in past few quarters was largely owing to credit squeeze which is a cyclical problem, said noted American economist Steve Hanke.
 
DEL51 BIZ-RUPEE-CLOSE
Rupee kick starts New Year on positive note, settles 14 paise higher at 71.22 against US dollar
Mumbai: The rupee kick started 2020 on a positive note with gains of 14 paise against the US currency on the first trading day of the New Year on Wednesday. 
 
DCM9 YEAR-TAX
All eyes on Sitharaman's second Budget for tax relief
New Delhi: The common man has his eyes set on Finance Minister Nirmala Sitharaman's second Budget next month for relief in income tax, but an economic slowdown and a sharp reduction in corporate tax rates hint that she has very little flexibility to dole out a big largesse. 
 
DCM27 BIZ-DUTY-PALM OIL
Govt cuts import duty on crude, refined palm oils under ASEAN, IMCECA pacts
New Delhi: The government on Wednesday slashed import duty on refined palmolein from 50 per cent to 45 per cent, while that on crude palm oil (CPO) from 40 per cent to 37.5 per cent with immediate effect, a move that the industry opposed saying it will hurt domestic refiners. 
 

 
 
 
 
 
 
 
 
 
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