SEA asks to hike import duty on Malaysian refined palm oil

Team Udayavani, Jun 14, 2019, 4:23 PM IST

New Delhi: Expressing concern over Malaysian palm oil flooding Indian markets, edible oil trade body SEA on Friday asked Prime Minister Narendra Modi to hike import duty on palm oil being purchased from the South-east Asian country, to safeguard domestic oilseed farmers.

In January, India had reduced import duty on refined palm oil sourced from Malaysia to 45 per cent from 54 per cent as part of a Comprehensive Economic Cooperation Agreement (CECA) signed by the two countries in fiscal year 2010-11.

India is the world’s leading vegetable oil buyer and the share of palm oil is more than 60 per cent of the overall imports.

In a representation made to the Prime Minister, Mumbai-based Solvent Extractors Association of India (SEA) said there has been a “sharp increase” in imports of refined palm oil as a consequence of the India-Malaysia CECA pact.

“We strongly appeal to the government to kindly scrap the CECA agreement with Malaysia with immediate effect and impose higher duty on (RBD) palmolein (refined palm oil) to save domestic refiners and oilseed farmers,” it said.

According to SEA, the refined, bleached and de-odorised (RBD) palmolein imports have gone up from 1,30,000 tonne in December 2018 to 3,71,060 tonne in May 2019, highest in any single month since May 2013.

Total palm oil imports stood at 8,18,149 tonnes during May this year, while soft oils were at 3,62,637 tonnes in the same period, it said.

Total vegetable oils (both palm and soft oils) imports in May this year declined to 12,21,989 tonnes from 12,86,240 tonnes in the same month previous year, the SEA data showed.

India imports palm oil mainly from Indonesia and Malaysia, and a small quantity of crude soft oil, including soyabean oil from Latin America. Sunflower oil is imported from Ukraine and Russia.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Kumaraswamy claims RSS conspiring to make Pralhad Joshi K’taka CM, targets lineage

Udupi: 41-year-old man brutally stabbed to death at Pangala

Know five new judges of SC who will take oath on Feb 6

When an Indian textbook courted controversy by listing Musharraf among world’s ‘six great personalities’

Babar Azam, Shahid Afridi moved to safety after explosion near stadium in Quetta

Congress’s 85th plenary session to be game changer for Indian politics: K C Venugopal

Nothing is impossible for youngsters of India: PM Modi

Related Articles More

RBI interest rate decision, Q3 earnings to drive market trends this week: Analysts

Committed to ensuring market integrity; measures in place to address excess volatility: Sebi on Adani crisis

Google, Apple, Amazon give investors reason to fret

Elon Musk listens while vilified, hailed as tweet trial ends

Adani crisis: Banking sector resilient and stable, says RBI


Pangala Crime News

A successful coastal farmer growing watermelons

Mahesh Joshi Interview

Success Story of Mr bean

| Malpe fish market

Latest Additions

NIA takes over case of conspiracy to hurl grenades in Hyderabad, books 3 people

Congress leader threatens to shoot wild elephants entering human habitats

PM to inaugurate India Energy Week, launch E20 fuel in Bengaluru

M’luru: Teenager ends life allegedly for scoring lower than expected marks

Yoga guru Ramdev booked for provocative remarks at meet of seers in Rajasthan’s Barmer

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.