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indonesia: Have optimum inventory, govt says amid Indonesia edible oil ban | India Information

NEW DELHI: Amid the continuing uncertainty over ban on export of palm oil by Indonesia, the federal government on Sunday stated India has optimum inventory of edible oil and one other 12 lakh tonnes, which is in transit, will attain right here this month.
The federal government quoted business sources to say that the present inventory of edible oil is 21 lakh tonnes. It’s also exploring choices of decreasing the import-duty on canola and rice-bran oils to get extra shipments from Bangladesh, Vietnam and Dubai to tide over the disaster, TOI has learnt.
Just lately, the edible oil business had written to the federal government in search of decrease import obligation on canola and rice bran oil from 38.5% to five.5%. Trade sources stated such a choice will assist merchants to get round 30,000 to 40,000 tonnes of edible oil from Bangladesh, Vietnam and Dubai per thirty days. “Each month we import round 11 lakh tonnes of edible oil and so the amount that’s in transit is nothing new. The federal government ought to take steps to supply the edible oil from different nations, if Indonesia continues the ban on export for longer. It’s going to have an effect on costs even when the business steps up to make sure the provision chain,” stated an oil business insider.
Until now, there was hardly any influence on retail costs of edible oils barring packaged palm oil, going by the federal government’s knowledge. The modal value — the most typical value throughout centre — of palm oil on Saturday was Rs 162 per kg in comparison with Rs 150 a month again. However business sources stated it takes a while for retail costs to be impacted. “We are able to count on to scale up the import from Malaysia and Thailand. However nonetheless, there might be a scarcity of round 10-15%. That’s manageable,” stated B V Mehta, government director of Solvent Extractors’ Affiliation.

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