Archived News

23/03/2008 (The Hindu Business Line) - The Centre’s move to cut the Customs duty on all edible oils helped crude palm oil on Malaysia Derivatives Exchange on Friday. When the trade opened, the benchmark June contracts declined 133 ringgits or four per cent compared with its previous closing. The fall was mainly on account of the drop witnessed in soyabean on the Chicago Board of Trade. However, as the impact of Indian move sunk, crude palm oil recovered to end unchanged.

23/03/2008 (The Daily Star, Bangladesh) - With the inflation inching towards the six percent mark, the Indian government has reduced customs duty on rice and edible oils drastically to rein in their prices in domestic market.

22/03/2008 (The Hindu), Kochi - The Union government’s move to slash the import duty on palm oil will affect the coconut based industry in general and the trade in coconut oil in particular. The situation will have a disastrous impact on the coconut farming sector, which has been reeling under severe problems in recent years. Coconut farmers in Kerala will be the worst hit as the productivity had already declined in the State owing to a variety of reasons.

23/03/2008 (Lanka Business Online (LBO)) – Sri Lanka's exporters of value added coconut products are asking to authorities to free edible oil imports, so that profits from oil milling would fall, freeing more nuts for other industries.

23/03/2008 (The Hindu) Thiruvananthapuram - Chief Minister V.S. Achuthanandan on Friday called upon the Central government to withdraw the cut in import duty of palm oil.

21/03/2008 (The Hindu Business Line), Thiruvananthapuram - The Centre's decision to slash the import duty on edible oils including palm oil is likely to hit thousands of coconut farmers in Kerala, already reeling under the impact of steady price fall over the years.

20/03/2008 (Reuters, India), Dhaka - Bangladesh has waived a 10 percent customs duty on refined soybean and palm oil to halt soaring prices in the country's retail market, customs officials said on Thursday.

20/03/2008 (Bloomberg) - India, the world's biggest buyer of vegetable oil after China, cut import duties on edible oil to ensure adequate domestic supplies and curb inflation.

20/03/2008 (Reuters, India) New Delhi - India, the world's biggest vegetable oil buyer after China, on Thursday cut import duties on some edible oils, including crude palm, to improve supplies and ease prices as inflation hit a 10-month high.

20/0./2008 (AllAfrican.com) - South Africa has indicated interest in Nigeria's palm oil. Director, West Africa International Trade and Economic Development Division in the South African Department of Trade and Industry (DTI), Mrs. Hester Obisi said during a meeting with officials of Nigerian Export Promotion Council in Abuja that South Africa would procure palm oil from Nigeria to be used as fuel in the generation of power.

21/03/2008 (The Economic Times), New Delhi - Call it operation attack inflation. With the inflation inching towards 6% mark, the government on Thursday slashed Customs duty on edible oils and rice to contain their prices in the domestic market. While the Customs duty on rice has been slashed to nil from 70%, duty on all crude and refined edible oil imports has been substantially reduced from the current level of 52-75% to 20% and 27.5% respectively.

20/03/2008 (The Hindu Business Line), New Delhi - The Centre on Thursday slashed import duties on all crude and refined edible oils as part of its attempt to cushion the impact of increase in the global vegetable oil prices. It also decided to exempt semi-milled and wholly milled rice from import duty and specified that this exemption would be available up to March 31 next year.