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NEWS ADMIN

Mahamad Rodzi Abdul Ghani

DATE

08/11/2001

NEWS PROVIDER

Mahamad Rodzi Abdul Ghani

NEWS SOURCE

NULL

CATEGORY

HEADLINE

Oil imports to India touch new high
MUMBAI, Nov. 2. EDIBLE oil arrivals into the country slowed down furtherin October.According to a quick estimate prepared by Oilmandi.com, a vertical portalof the vegetable oil industry, imports in October aggregated 2.68 lakhtonnes (lt), down from 3.97 lt during September and peak of 6.54 lt inAugust.Broadly,October arrivals comprised 1.05 lt of degummed soyabean oil,74,000 tonnes of crude palm oil and 70,400 tonnes of refined palmolein.Crude sunflower oil accounted for 13,800 tonnes and rapeseed oil 4,000tonnes. This takes the aggregate import during oil year November2000-October 2001 to a new high of 48.13 lt, up from 44.95 lt of theprevious oil year.The fiscal instruments of the Government - high customs duties, fixing oftariff values - have helped contain growth in import volumes, especiallyin the context of sharp decline in domestic oil production during theyear.Due to its low bound rate of duty (45 per cent), soyabean oil has becomethe major gainer. In 2000-01, import volumes of soyaoil doubled to 13.9lt. On the other hand, crude palm oil imports increased by 70 per cent to14.1 lt during the year, despite bearing a high rate of 75 per centcustoms duty after the last Union Budget.