The import of vegetable oils during the first four months of the current oil year (November-October 2016-17) increased by 19 per cent to 5,125,017 tonnes as compared to 4,295,443 tonnes in the same period last year.
Notably, imports of refined oils for the November-February period jumped by more than three times to 7,89,062 tonnes for the period under review as against 2,53,780 tonnes in the same period last year.
According to data compiled by the Solvent Extractors' Association (SEA) of India, in the last one year, CIF Indian port prices of edible oils have moved downward (except crude sunflower oil) in line with a fall in international prices. RBD palmolein prices fell by $56 (- 8 per cent), crude palm oil by $49 (- 7 per cent) and crude soybean oil by $58 (- 7 per cent ).
However, in the last one year the rupee has depreciated by 10 per cent.
In the November-February period, palm oil imports increased marginally to 2,960,002 tonnes from 2,803,942 tonnes during the same period of last year. However, soft oils imports sharply increased to 2,129,557 tonnes as against 1,399,223 tonnes reported last year.
Meanwhile, the import of non-edible oils during the period under review stood at 35,458 tonnes as compared to 92,278 tonnes in the same period last year, down by 62 per cent.
On the stock condition, the association said the total stock at ports and in pipelines decreased to 2,360,000 tonnes from 2,455,000 tonnes in February 2016. India’s monthly requirement is about 16.5 lakh tonnes and operates at 30 days stock against which the currently holding stock of over 23.60 lakh tonnes equals 43 days’ requirement.
As on March 1, 2016, the overall stock had increased by 350,000 tonnes as compared to March 1, 2015, it said.