Krishi VaartaOutlook Agriculture
Import Deficit of Palm and Refined Oil
From 31 December 2018, the central government reduced the import duty on crude palm oil imported from Malaysia to 44% and the import duty on refined oil from 54% to 45%. Furthermore, imports of imported crude palm oil imported from Indonesia from 44% to 40% and imports of refined oil decreased from 54% to 50%. Due to differences in imports of crude palm oil and refined palm oil, imports of refined oil will not only increase crude oil in the coming days, which will affect the domestic industry and palm cultivation.
The average price of RBD palm oil imported in India in December was $518 per tonne, compared to $510 in November, but in December last year, the average price decreased by $661. Similarly, crude palm oil prices increased from $482 per tonne, which is $472 per tonne but decreased from $662 per tonne in December last year. The price of crude soy oil in India in December is an average of $679 per tonne.
Source - Outlook Agriculture, January 15, 2019