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The edible oil industry is crestfallen as the Union Finance Minister, Mr Pranab Mukherjee, chose to ignore its pleas. The industry has appealed to the Government to save the domestic palm oil industry from crumbling by increasing duties on the refined oil imports from Indonesia.
The industry's fears were not without a reason. There was a huge surge of finished oil (RBD palmolein) in February compared with the average figure. The figure went up to 3 lakh tonnes in that month against 1.10 lakh tonnes.
“It is wrong to ignore our pleas. Many palm oil units are being forced to close down after Indonesia changed policies that made export of raw oil uneconomical,” Mr O.P. Goenka, an edible oil industry expert, said.
Mr Sushil Goenka, President of Solvent Extractors' Association of India, said there was an unprecedented surge in the imports of finishes product, which will sound a death knell for the Indian Vegetable oil industries based at the ports. He called for increase in the tariff value on the refined edible oils to $1,200 a tonne in line with the current market price. kurmanath@thehindu.co.in
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