Government keeps close vigil on edible oil prices; may reduce import duty on rice bran oil

Edible Oil Prices: After Indonesia's ban on Palm Oil exports, India has started negotiations with other countries to maintain the supply of edible oil in the country and discussions are ongoing  to import other oils, Zee Business Ambarish Pandey report.

He said that the government's negotiations have advanced and soon these countries could approve supply of addition edible oil. Most countries have agreed to the demands placed by India for additional supplies, he added.  

The government has been taking steps to keep the edible oil prices down and is now considering using rice bran oil as an alternative to the palm oil. 

He said that India, which imports rice bran oil from countries like Indonesia and Vietnam and may consider reducing import duty from the current 38 per cent to 5-7 per cent. 

He said that government is also working towards promoting other oilseeds in the domestic markets to meet the demand. He said that people generally prefer palm oil and rise bran oil and this step could reduce some gap in the demand and supply situation. 

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The government is of the view that it will be able to bridge the demand -supply gap and keep the rising prices in check.

The government wants to reduce dependence on palm oil and introduce alternatives.

The government had said earlier this week that India has sufficient stock of edible oils. According to the Ministry of Consumer Affairs, Food & Public Distribution, “India has an optimum stock of all edible oils. The present stock of all edible oils in the country is around 21 LMT and 12 LMT is in transit arriving in May 2022, as per the industry sources.

Also Read: https://www.zeebiz.com/markets/commodities/news-government-keeping-close-watch-on-edible-oil-prices-amid-indonesia-export-ban-183887

Therefore, the country has sufficient stock to cover the lean period due to the ban on export by Indonesia, the ministry said in its official statement.