Vegetable oil imports increased 35 per cent in November to 9,44,309 tonnes against 7,00,371 tonnes in the same period a year ago, according to data released by the Solvent Extractors’ Association. Imports surged as sunflower oil prices dipped by $30 a tonne. Also, the price difference between refined and crude palmolein dropped to less than $10 a tonne, making refined oil imports more attractive
Besides, traders expect the Government to mark up import duty on vegetable oil imports.
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Of the total imports, edible oil accounted for 9,27,111 tonnes and non-edible oils 17,198 tonnes.
Import of refined oil was up by 172 per cent at 2,08,076 tonnes against 76,519 tonnes in November last year.
Crude oil shipments were also rose 20 per cent to 7,19,035 tonnes (5,99,715 tonne).
Palm oil import increased to 7,74,207 tonnes from 6,14,574 tonnes while that of soft oils moved up to 1,52,904 tonnes (61,660 tonnes). Refined and crude palm oil prices moved up substantially to $880 and $881 against $835 and $830 registered in October.
Crude sunflower oil fell to $995 ($999 in October).
On an average, rupee in November depreciated to 62.52 against dollar from 61.61-level registered in October. Non-edible oil imports were down 29 per cent to 17,198 tonnes against 24,137 tonnes recorded in the same period last year.
Palm fatty acid distillate and crude palm kernel oil were the major non-edible oils imported.
As of December 1, edible oil stock available at various ports was estimated at 5,90,000 tonnes, including 320,000 tonnes of crude palm oil, 1,30,000 tonnes of refined palmolein, 35,000 tonnes of de-gummed soyabeanoil, 1,00,000 tonnes of crude sunflower oil and 8,000 tonnes of canola/rapeseed oil.
Another 8,80,000 tonnes of imports are in the pipeline.
Inventories Total stock, both at ports and in pipelines, has increased by 70,000 tonnes to 14,70,000 tonnes.
suresh.i@thehindu.co.in