MARKET DEVELOPMENT
Hike Import Tariff of Palm Oil: MP
Hike Import Tariff of Palm Oil: MP
06/10/2016 (Hindu Business Line) - K.C. Venugopal, MP, has urged Union Minister of Agriculture Radha Mohan Singh to enhance the tariff rates for the import of palm oil, both crude and refined, so as to protect the interest of coconut growers.
The import of palm oil would trigger a crash in coconut prices. During the annual period that ended in October 2015, a total of 14.4 tonnes of edible oil was imported, of which the major item (9.5 tonnes) was palm oil. Palm Oil seemed to be the major competing oil for coconut oil in the domestic market, he said.
Mr. Venugopal wanted the government to raise the minimum support price of copra. The copra procurement system should be in such a way that the Minimum Support Price (MSP) ensured an incentive for processing, in comparison to the selling of fresh coconut, he said.
The import of palm oil would trigger a crash in coconut prices. During the annual period that ended in October 2015, a total of 14.4 tonnes of edible oil was imported, of which the major item (9.5 tonnes) was palm oil. Palm Oil seemed to be the major competing oil for coconut oil in the domestic market, he said.
Mr. Venugopal wanted the government to raise the minimum support price of copra. The copra procurement system should be in such a way that the Minimum Support Price (MSP) ensured an incentive for processing, in comparison to the selling of fresh coconut, he said.