According to the Solvent Extractors Association of India (SEA), India’s vegoil imports in June increased by 15 per cent on a year-on-year basis at 1,169,456 tonnes against 1,016,297 in the same month last year. For the November 2015-June 2016 period of the current oil year (2015-16), the import of vegetable oils has increased by 10 per cent to 9,763,043 tonnes as against 8,849,821 tonnes in the same period last year.
India’s edible oil refining industry is crying foul over the increased import of refined palm oil, as there is now no difference in the price of refined palmolein (RBD) and crude palm oil (CPO). The share of refined oil imports in total edible oil imports increased to 18 per cent in the November 2015-June 2016 period, from 10 per cent in the same period last year. Since last November, the difference between the average price of imported RBD Palmolein and Crude Palm Oil has shrunk steadily, from $30 per tonne in November to nil this June, at $669per tonne. “