Total import of edible oil into the country has increased by 31% to 26.11 lakh tonne during the first six months (November 2007 to April 2008) of oil season 2007-08 compared to 19.99 lakh tonne in the same period last season. It includes 22.44 lakh tonne of edible oil and 3.67 lakh tonne of non-edible oil.
According to import data compiled by the Solvent Extractors? Association of India (SEA), the import of edible oil in April 2008 was reported at 3.10 lakh tonne compared to 3.06 lakh tonne in April 2007 and non edible oil was reported at 37,703 tonne compared to 49,918 tonne, down by 24%.
Import of edible oil during the review period, despite being peak crushing season has risen by 33%. However, the import slowed down in April month ? the beginning of lean period – as traders and refiners reduced there inventory due to stock limit imposed by the 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 deplete the stock in pipe line and may put upward pressure on prices of edible oil if the situation does not change in the coming months, according to SEA sources.
In last two and half months, crude palm oil & RBD Palmolein prices have gone down by $175-200 while crude soybean oil reduced over $230. This, coupled with reduction of Import duty has had softening impact on domestic prices. Import of refined oil (RBD Palmolein) was reported at 92,967 tonne (4%) during November 2007 to April 2008 compared to 40,050 tonne (2%) and crude oil was reported at 21.51 lakh tonne (96%) compared to 16.67 lakh tonne (98%) for the same period of last year.