India plans to introduce a duty on imports of vegetable oils, which will limit the growth of prices

Published 2024년 8월 30일

Tridge summary

The Indian government is planning to increase the duty on vegetable oil imports to protect local oilseed farmers from low prices, which is likely to decrease the demand and supplies of palm, soybean, and sunflower oil in the country. This decision comes amidst rising global oil prices, which have led to an increase in the prices of palm, soybean, and sunflower oil. The proposed duty increase is expected to be announced in the coming weeks.

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Original content

Reuters, citing its own sources, reported that the Indian government plans to increase the duty on imports of vegetable oils to protect its farmers from lower prices for oilseeds. Such a decision, which may be made in the coming weeks, will lead to a reduction in demand and supplies of palm, soybean and sunflower oil to the country. amid rising oil prices, October futures for palm oil on the Bursa exchange in Malaysia for the week rose by 2.4% to 3920 ringgit/t or 906,8 $/t (+6% for two weeks), despite the slowdown in exports in August. According to the surveyors Societe Generale de Surveillance (SGS), Intertek Testing Services and AmSpec Agri Malaysia, for 1-25 August Malaysia reduced the export of palm oil by 14.1-14.9%. the December futures for soybean oil in Chicago for the week rose by 8.2% to 930 $/t, fully recovering the monthly decline. The sharp rise in prices is due not only to rising oil prices, but also to rumors about the intentions of the United States to limit ...

Source: UkrAgroConsult