InfoSAWIT, MUMABI – The government of India on Monday (20/12/2021) officially opened palm oil imports until the late of December 2022. This is about to get cheaper vegetable oil price, to divert crude palm oil (CPO) imports in India to processed palm oil knowing that palm oil producer countries in the globe, for instance, Indonesia that gets higher taxes on CPO delivery rather than processed palm oil.
In the official statement, Ministry of Trade and Industry India announced it on Monday that processed palm oil imports will widely open until December 31st, 2022.
Executive Chief of Sunvin Group as broker company and vegetable oil consultant - Sandeep Bajoria mentioned, stakeholders in India are allowed to import 1,5 million tons of processed palm oil and 7 million tons of CPO in 2021 / 2022 which has been starting since 1 November, as quoted from Reuters.
India got two third of vegetable oil demands by import and palm oil delivered more than 605 of the total imports.
In June, the government of India let processed palm oil imports for six months.
The government of India on Monday ordered to postpone exchange for a year in main agricultural commodities because New Delhi is still struggling for food inflation. (T2)