Total import of edible oils in May 2008 has come down by 39% and reported at 3.02 lakh tonne compared to 4.94 lakh tonne in May 2007 and non-edible oil import was reported at 59,219 tonne compared to 1.15 lakh tonne, down by 49%, according to figures released by the Solvent Extractors? Association of India (SEA).
The import has slowed down as traders and refiners reduced their inventory due to stock limit imposed by various state governments and fears of harassment by over-zealous civil supplies officers even though imported oil is exempted from stock limit.
?This may lead to depletion of stock in pipeline and may put upward pressure on prices if the situation does not change in the coming months. It would be more desirable to increase the supply through both government and private imports and step up PDS supply to soften the prices,? said in a SEA release.
During November 2007 to May 2008 (7 months), total import of edible oil was reported at 25.46 lakh tonne compared to 22.01 lakh tonne, up by 16% while import of non-edible oil was reported at 4.27 lakh tonne compared to 4.06 lakh tonne, up by 5%.
The overall import of oil (edible and non-edible) during the first seven months of the year has shown a rise of 14% and reported at 29.73 lakh tonne compared to 26.08 lakh tonne during the same period previous year, consisting of 25.46 lakh tonne edible oil & 4.27 lakh tonne non-edible oil.
It can be noted that import of vegetable oil for the period November 2007 to March 2008 despite being peak crushing season risen by 33%.
Import of RBD Palmolein was reported at 1.12 lakh tonne (4%) during the past seven months compared to 52,671 tonne (2%) and crude oil was reported at 24.34 lakh tonne (96%) compared to 21.48 lakh tonne (98%) for the same period of last year.