In the month of September last year, duty was increased on eating oil imports. Its effect was constantly seen. If we talk about the current year, then the food oil has seen an increase of Rs 3 to Rs 11. On the other hand, in the current year, there has been a decline in food oil imports. In the month of February, the import of edible oil has reached 4 years of lower level. According to experts, the main reason for the reduced import of edible oil will be more import duty.
Also, in the coming days, there is a sign of import duty and the signs of Jafe. The purpose of increasing import duty is to support local farms. But due to reduction in imports and decrease in storage, there is a possibility of further inflation in eating oil in the coming days. Let us first tell you how much a decline has been seen in the import of eating oil and how much has been increased in the results of oil in the current year.
According to media reports, India's edible oil import reached a four -year low in February due to the decline in the import of soy oil and sunflower oil, although the import of palm oil has improved from a low of 14 years in January. Due to the second consecutive month, the world's largest vegetable oil buyer's stock has decreased and India may be forced to increase the purchase in the coming months, which will provide support to Malaysian palm oil prices and American soy oil futures.
According to the dealers estimates, the import of palm oil rose 36 per cent from last month to 374,000 metric tonnes in February, which had come to its lowest level since March 2011 in January. India imported more than 750,000 tonnes of palm oil every month in the marketing year ended in October 2024. Dealers said that in February, the import of soy oil declined by 36 per cent to 284,000 metric tonnes compared to a month ago, the lowest in eight months, while sunflower oil imports declined by 22 per cent to 226,000 metric tons, which is the lowest in five months.
According to dealers estimates, a low consignment of soy oil and sunflower oil reduced the country's total edible oil import to 884,000 tonnes in February, the lowest since February 2021. Vegetable Oil Brokerage, Sanwin Group CEO Sandeep Bajoria said that high prices abroad and high supply of local edible oils encouraged the refiners to reduce imports in February. Dealers estimate that low imports in February have reduced the stock of edible oil stock in India by 26 per cent to 1.6 million tonnes on 1 March, which is the lowest in more than 4 years.
Rajesh Patel, managing partner of edible oil merchant GGN Research, said that after unusually low imports in January and February, the country's imports may begin to increase from March. India mainly buys palm oils from Indonesia, Malaysia and Thailand, while it imports soy oil and sunflower oil from Argentina, Brazil, Russia and Ukraine.
According to the data of the Ministry of Consumer Affair, in the current year, the prices of vegetation oil increased by Rs 6 and the price increased from Rs 170 to Rs 176. On the other hand, the price of Soya Oil saw a rise of Rs 5 and the price came from Rs 158 to Rs 163. The price of Sun Flower saw an increase of Rs 11 and the price increased from Rs 170 to Rs 181. In the end, the price of palm oil saw a rise of Rs 3 and the price increased from Rs 143 to Rs 146.
