Palm oil prices jump in spite of import duty cut by central government
On June 29, the central government reduced the import duty on crude palm oil to 5%. Despite this, the price of palm oil in the domestic market has increased by 6 percent.
New Delhi. After the massive increase in oil prices in the domestic market, the central government had reduced the import duty of palm oil. Despite this, the prices of edible oils have increased instead of decreasing. According to the latest update, its prices in the domestic market have increased by more than 6 percent as compared to earlier. In this regard, officials associated with the palm oil business say that India is the largest importer of palm oil in the world. Its prices have increased in the global market in anticipation of more demand from India.
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Price increased to $ 1055 per ton
The price of crude palm oil has increased to $ 1085 per tonne after reaching India after the decision to reduce the import duty. The price on June 29 was $1,020 a tonne. Whereas in the last few days, the price of refined palm oil has increased from $ 1,020 a tonne to $ 1,055 a tonne. This is not the first time this has happened. Whenever India cuts import duty, its prices in the global market go up.
Import approval was given on June 30
The central government on June 29 reduced the import duty on crude palm oil (CPO) to 5 per cent for three months. Since then, Malaysian palm oil futures have jumped 6 per cent. The government had also approved the import of refined palm oil on June 30. Actually, the jump in the prices of palm oil in the global market can have an impact on its demand in India. In such a situation, the Government of India will avoid further reduction in import duty.
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