Usually, India imports 'crude' soybean and sunflower oils, and not their 'refined' form. Yet, the government has reduced the duty on refined soybean and sunflower oils.
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Earlier this month, the food ministry had directed edible oil companies to reduce prices of edible oil in line with the fall in global rates
With this reduction, the effective duty on refined edible oils stands at 13.7 per cent, including cess on social welfare. The effective duty on all major crude edible oils is 5.5 per cent.
India, the world's leading vegetable oil buyer, is dependent on imports of sunflower oil, which constitutes 16 per cent of the total edible oil imports
The total import of vegetable oils (both edible and non-edible oils) remained lower at 9.91 lakh tonnes in June this year from 9.96 lakh tonnes in the year-ago period
India's imports of edible oils increased to 140.3 lakh tonnes in the 2021-22 marketing year ended October from 131.3 lakh tonnes in the previous year, according to the industry body Solvent Extractors' Association
Ukraine is one of the world's largest exporters of wheat, corn and sunflower oil, but Russia's invasion and war disrupted production and halted shipments, endangering food supplies in many developing countries, especially in...
The country's total vegetable oil imports declined to Rs 10,05,547 tonne in May this year, compared to 12,13,142 tonne in the year-ago period.
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Refined sunflower oil constitutes 10 per cent of the country's consumption of 230-240 lakh tonnes of edible oils annually and almost 60 per cent of the demand...
Shares of edible oil manufacturer Adani Wilmar have rallied a whopping 42 per cent to hit record high of Rs 504.75 on the BSE ever since Russian invasion of...
Ukraine and Russia are the major suppliers of sunflower oil, with India importing approximately 90 per cent of sunflower oil from Russia and Ukraine.
India imports around 90 per cent of sunflower oil from Russia and Ukraine, hence, the crisis is likely to impact prices and supply in the country.