Archived News

24/03/2008 (Reuters, India), New Delhi - India's imports of palm oil are likely to increase at the expense of rival soyoil this oil year following a cut in import duty, but a preference for soy among some firms will limit gains, traders said on Monday.

24/03/2008 (Reuters, India), New Delhi - The government is considering a cut in soyoil import duty, following a reduction in palmoil and other edible oil duties late last week to check inflation, a senior government source said on Monday.

25/03/2008 (The Financial Express), Mumbai - Domestic prices of major edible oils, mainly soya oil, mustard oil, and palm oil may remain higher this week, mainly on speculative buying supported by firm overseas Markets.

25/03/2008 (Commodity Online), New Delhi - Edible Oil plays the role of a modulator in cooking where its presence makes food more delicious. In the market, edible oils drive the prices of other commodities such as vanaspati and vegetable fat producers.

25/03/2008 (The Economic Times), Kolkata - The government move on lowering customs duty on edible oils for pushing down its prices has started yielding positive results. On the heels of getting a huge relief from reduced import duty on crude palm oil (CPO) from 45% to 20%, which serves as raw material of vanaspati, vegetable fat producers have slashed their product prices by Rs 4-5/kg.

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.