Archived News

19/01/2013 (Jagran Josh) - The Cabinet Committee of Economic Affairs on 17 January 2013 approved the de-freezing of the tariff values of the all types of edible oils and notified that the tariffs of these oils would be decided on the basis of the existing international prices in the market.

19/01/2013 (Bloomberg) - Palm oil gained on speculation that Malaysia may increase exports of refined oils to India after the world’s biggest buyer said it will tax unprocessed cooking oils for the first time since 2008.

18/01/2013 (Reuters) - Malaysian palm oil futures fell on Thursday after India imposed an import duty on crude palm oil imports, a move that could hurt demand and leave stocks near record highs.

18/01/2013 (Bloomberg) - India, the world’s biggest cooking oil consumer after China, will tax crude palm oil imports for the first time since 2008 after a slump in prices spurred record shipments, hurting domestic oilseed growers.

18/01/2013 (Bloomberg) - Palm oil dropped for the first time in three days as India ended a freeze on the taxable value of cooking oil imports and said it will revise it fortnightly on the basis of world prices, a move that will push up duties.

18/01/2013 (Hindu Business Line) - Buckling under pressure from the domestic edible oil sector, the Government has decided to impose a 2.5 per cent duty on imports of crude edible oils.

18/01/2013 (Bloomberg) - The Standard & Poor’s GSCI gauge of 24 commodities rose 0.1 percent to 654.16 at 5:08 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials increased 0.02 percent to 1,579.270.

18/01/2013 (Bernama) - Expansion of land for crops is one of the main reasons for the continuing loss of biodiversity and threatens to undermine attempts to meet international environmental goal, according to a report by the UN Environment Programme (UNEP).

18/01/2013 (Bernama) - The government on Thursday decided to impose 2.5 per cent import duty on crude edible oil to protect domestic oilseed farmers but kept duties on refined cooking oil unchanged fearing hike in retail prices.

18/01/2013 (Bernama) - RAM Ratings has reaffirmed the AA2 and P1 ratings of Genting Plantations Bhd\'s respective long-term and short-term corporate credit ratings.

18/01/2013 (Bernama) - The import duty hike on crude edible oil by the Indian government will only have minimal impact on the Malaysian palm oil industry, a leading research house said today.

18/01/2013 (Economic Times) - Indians love their food when it is deep fried in oil, be it their favorite samosa, vada, jalebi or gulabjamun. But the source of this oil is seldom known. Probability is more than half that these are being fried in imported oils. In this context, it may be worth noting that, based on data collated from The Solvent Extractors\' Association of India, during November 2011 to October 2012 (oil year), India imported 10 million tonnes (mt) of edible oils costing 56,295 crore. This is the highest amount ever imported by India and comprises about half of India\'s total consumption of edible oils. The cost of these imports has gone up by almost 380% in the last six years, up from 14,709 crore in 2006-07 (see Graph; data collated from Ministry of Commerce shows even faster increase). This has contributed to widening the current account deficit, and today, it exceeds all agri-imports of India by a wide margin. The projections of demand and supply of agri-products also show that the biggest challenge of Indian agriculture will be in producing enough edible oils at globally competitive rates to meet its rising demand.