Solvent Extractors Association of India feels prices of edible oils to remain high until April-May 2021

Published 2021년 1월 11일

Tridge summary

The article highlights a significant increase in the prices of edible oil in India over the past five months, with an additional 15% hike in the last month. Experts anticipate that these high prices will persist until March 2021. The Solvent Extractors Association of India (SEA) has approached the government for a six-month tariff freeze to reduce import duty costs and has proposed subsidizing edible oil sales through the public distribution system. The price hikes are attributed to various factors including strong demand from China, reduced production in Malaysia, Indonesia, Argentina, and Russia due to labor issues and droughts, and a strike at Argentine ports.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Prices of edible oil have risen by 40-50 per cent across the country in the/ last five months and 15 per cent in the past one month. Prices are expected to remain on the higher side until March, edible oil industry experts feel. Atul Chaturvedi, president, Solvent Extractors Association of India (SEA), said the association has requested the government to freeze the tariff rate for the next six months so that the effective rate of the import duty goes down. The government had reduced the import duty on palm oil by 10 per cent in November to control rising prices. However, it did not help as exporting countries increased prices as well as export duties. The association has also urged the government to subsidise the sale of edible oil through the public distribution system, as prices are expected to stay firm till April-May 2021. The year-on-year increase in wholesale price is 40 per cent in mustard oil, 52 per cent in sunflower oil, 34 per cent in refined soyabean oil, 33 per cent ...

Source: Indoasiancommodities