By Pratik Parija, India is set to boost its sunflower oil imports from Argentina and Russia due to worries that shipments from Ukraine, the biggest supplier, will be disrupted if Russia invades. The South Asian nation, also the world’s biggest importer of palm and soybean oils, bought about 60,000 tons of sunflower oil from Russia and Argentina for shipments in February and
Indians pay over 60 per cent in taxes on palm oil
May 16, 2021
This file picture taken on December 2011 shows harvested palm oil fruits at a plantation in Medan - AFP
This file picture taken on December 2011 shows harvested palm oil fruits at a plantation in Medan - AFP×
The burden for the consumer has increased further with India raising the tariff rate
Indian consumers are paying ₹60 in taxes and levies for buying palm oil worth ₹100 with Indonesia, from where India imports much of its palm oil, increasing its export tax further in May.
According to market reports, Indonesia increased its export tax on crude palm oil to $144 per tonne in May from $116 per tonne in April. Besides, its export levy too went up significantly higher from $55 to $255 per tonne early this year.
A global shortage of oilseeds, which are crushed to provide everything from cooking oil to biodiesel, seems set to worsen after hot, dry weather parched fields in Argentina and rains soaked beans in Brazil.
KUALA LUMPUR: Palm oil extended gains to close at a new 10-year high before a monthly report on Malaysian reserves and output, with stronger soyoil because of weather woes in South America providing support to the market.
While prices dipped into negative territory at one point yesterday, they rebounded to cap their fifth daily gain and appear to have the psychological level of RM4,000 per tonne in their sights, a mark last seen in 2008.
KUALA LUMPUR: Palm oil is heading for its lowest close in almost three months as traders assess mounting concern about the strength of demand against a voluntary lockdown in Malaysia’s top producing state.