Archived News

08/05/2023 (Business Recorder), Kuala Lumpur - Malaysian palm oil futures surged more than 4% on Monday to its highest closing in nearly three weeks, as forecasts of a sharper decline in April output triggered production concerns.

08/05/2023 (Business Recorder), Kuala Lumpur - Malaysian palm oil futures extended gains to a fourth consecutive session on Monday, hitting a more than two-week high, as forecasts of a sharper decline in April output triggered supply concerns.

08/05/2023 (DW) - Lebanese olive oil has become unaffordable for many in the crisis-ridden country. As inflation bites and the US dollar reigns supreme, poorer people are forced to part with their traditional local diet.

08/05/2023 (Indian Express) - The state body of oil millers and oilseed traders has appealed to the Central government to step in to arrest the slide in retail prices of edible oils to protect the Indian oilseeds producers and reduce the country’s dependence on imports.

07/05/2023 (Times of India), New Delhi - Prices of imported crude sunflower and soybean oils in India have fallen by 46-57% in the past one year after the opening of the supply chain from war-hit Ukraine. However, the drop in retail and wholesale prices of these two edible oils are barely in the range of 16-17%.

08/05/2023 (New Straits Times), Kuala Lumpur - Malaysia and Indonesia - the world's largest palm oil-producing nations, should and work together to counter the European Union's (EU) discriminatory trade policies.

07/05/2023 (The Star Online), Kota Kinabalu - Marine police have foiled an attempt to smuggle out some 3.06 tonnes of subsidised cooking oil in Sabah's east coast Semporna district.

07/05/2023 (Northeast Now), New Delhi - The decline in the price of edible oil should be passed on to consumers expeditiously, said secretary DFPD, Sanjeev Chopra during a meeting with the leading industry representatives in the national capital.

06/05/2023 (The Tribune India) - INDIA imports 55-60 per cent of its edible oil requirement. The international, and hence domestic, prices were on an upward swing during 2021-22 due to several factors. The edible oil prices in the international market have been shrinking for the past six months, but the downtrend trend has not got reflected in domestic prices. Even bumper crops of groundnut, soyabean and mustard did not result in price cuts. The Centre’s intervention is set to bring some relief. The industry representatives have been asked to ensure that the maximum retail price is reduced with immediate effect and the benefit of duty cuts is passed on to consumers. Companies have decided to reduce the prices of cooking oil by up to 6 per cent. A leading firm has already announced a cut of Rs 15-20 per litre across variants.

06/05/2023 (Jakarta Globe), Jakarta - The Indonesian Retailer Association, or Aprindo, mulls suing the government if the promised subsidies aimed at keeping cooking oil price low aren’t paid.

05/05/2023 (Channel News Asia), Kuala Lumpur - Malaysia's palm oil inventories at the end of April are forecast to drop to their lowest level in 11 months as domestic use rises amid flat production, a Reuters survey showed on Friday.

04/05/2023 (Business World India) - Companies producing edible oil have decided to reduce costs of cooking oil by up to 6 per cent after the government advised that the maximum retail price (MRP) of cooking oil be lowered in keeping with the reduction in the commodity’s international rates.