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The Union government has cut duties on palm oil by 5% and lifted restrictions on the import of refined palm oil to ease edible oil prices, which had more than doubled in April and May in the highest surge in prices in years.

The government on Wednesday removed import restrictions on refined palm oil till December 31 this year, a move which could help increase availability of the commodity in the domestic market and bring down prices.

KUALA LUMPUR: The Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) will continue with the price control policy for essential items in addition to stepping up enforcement.

Chicago Board of Trade soybean oil futures were more volatile in June than any month so far in 2021, contributing to a sharp decline in trading activity in South American FOB basis markets.

MOSCOW, RUSSIA — As Russia focused on domestic food security during the onset of the COVID-19 pandemic, its ag sector faced challenges that impacted oilseed production. The government implemented a grain export quota in the first half of 2020, grain and oilseed export duties set in December 2020. The country also experienced a drought in the first half of 2020. This created a downward oilseed production trend in the 2020-21 marketing year, according to a Global Agricultural Information Network (GAIN) report from the US Department of Agriculture (USDA).

Edible oil importers have reduced prices of the essential cooking ingredient by Tk4 per litre, after hiking it on several occasions, ahead of Eid-ul-Azha.

KUALA LUMPUR (July 1): Malaysia, the world second-largest palm oil producer, is facing a labour shortfall of around 32,000 people due to corononavirus restrictions, Plantation Industries and Commodities Minister Datuk Dr Mohd Khairuddin Aman Razali said today.

The Indian government will allow refined palm oil and olein imports "with immediate effect", according to a notice from the Indian Ministry of Commerce and Industry, with the concession in place till Dec. 31.

MUMBAI (Reuters) -India on Wednesday allowed imports of refined palm oil for six months, the government said in a notification, as the world’s biggest vegetable oil buyer tries to bring down edible oil prices.

MUMBAI: India on Tuesday cut the base import tax on crude palm oil to 10% from 15% for three months, the government said in a statement, as the world's biggest vegetable oil buyer tries to dampen near record high prices.

KUALA LUMPUR: Harn Len Corp BhdDescription: https://cdn.thestar.com.my/Themes/img/chart.png halved its losses in the first quarter ended March 31 on higher palm oil prices.

Consumers can expect some relief from the high cooking oil prices as the government has cut import duty on crude palm oil by 5.5 percentage points, a move that will reduce its price by Rs 4,657 per tonne, for three months.