The federal government reduced the basic tariff on refined palm oil from 17.5% to 12.5% on Monday, December 20, until March 2022, beginning on Tuesday, December 21, as part of measures to reduce the price of edible oil in the Indian market. oil.
According to industry insiders, with this tariff cut, the net effective tariff has dropped from 19.25% to 13.75%.
In addition, the federal government on Monday extended the “free” import policy for different types of palm oil until the end of 2022.These palm oils include refined bleached and deodorized palm oil, refined bleached and deodorized palm oil and another variant (palm oil and its fractions), whether refined or not, but without chemical modification).
However, India’s Ministry of Commerce and Industry stated in a notice on Monday that it does not allow free imports through any ports in Kerala.
In addition, in order to curb inflationary pressures, India on Monday suspended the trading of some agricultural futures contracts for one year.According to the notice from the Ministry of Finance, these agricultural products include wheat, rice (non-basmati), coriander, mustard seed and its derivatives, soybeans and its derivatives, crude palm oil and laurel oil.
Macro data released earlier this month showed that rising prices of commodities, food and fuel boosted India’s consumer and wholesale inflation indicators in November.
According to data, the consumer price index (CPI) inflation rate jumped to a three-month high of 4.9%, mainly driven by the rise in core inflation.
Similarly, the annual inflation rate based on wholesale prices rose from 12.54% in October to a record high of 14.23% last month.
India is a major importer of edible oils, especially palm oil derivatives.Malaysia and Indonesia are the two largest oil palm producers and suppliers of Indian commodities.
Post time: Dec-22-2021