Imports of refined palmolein hit a record 373,837 tonnes in May compared to the previous high of 253,489 tonnes recorded in March.
Shipments hit a nine-year peak as the reduction in import duty difference between crude and refined palmolein and favourable duty for refined palmolein fixed by the exporting countries pushed up imports.
Vegetable oil imports increased two per cent in May to 917,964 tonnes against 896,921 tonnes in the same period last year, according to the Solvent Extractors’ Association data.
Edible oil imports were at 892,066 tonnes and that of non-edible oil at 25,898 tonnes.
The overall import of vegetable oil in the last seven months was up seven per cent at 6,197,469 tonnes.
Overall import of refined oil in the last seven months was at 1,248,024 tonnes (1,084,933 tonnes).
In the last two months, the share of refined oil has jumped to over 40 per cent of overall imports.
In the last one year, RBD palmolein prices (free on board) have fallen 24 per cent to $261 a tonne (Rs 15,138), crude palmoil was down 23 per cent $253 (Rs 14,670), crude soyabean oil dipped 13 per cent $157 (Rs 9,100) and crude sunflower oil fell four per cent to $46 (Rs 2,668).
However, the sudden fall of the rupee has put pressure on vegetable oil imports.