Palm oil and Sunflower oil prices increased..!?

Sowmiya Sriram
Palm oil and Sunflower oil prices increased..!?
India, the world's largest importer of palm oil, reported a three-month low in palm oil imports. The main reason for this is the rising cost. The price of palm oil has risen to the highest level in the last 6 months. Similarly, sunflower oil imports fell to a 10-month low, a leading trade body said on Friday. india, which imports a large amount of oil, has reduced purchasing power. This has led to increased volumes in indonesia and malaysia, the main producers of palm oil. This can mainly affect the future. One of the main reasons for this decrease in imports is the central government's drastic increase in import duty on palm oil, soybean oil, and sunflower oil. Due to this, the price of cooking oil has gone up to 25 rupees. Import duty varies from product to product.
We depend on other countries for products that are not made in our country. It also includes some food items. The central government imposes a duty on such imported goods. india is the largest importer of oil in the world. india imports about 70% of its oil from countries like indonesia, Thailand, and Malaysia. Imports of palm oil fell more than 33 percent to 527,314 metric tonnes in September, the Solvent Extractors Association of india (SEA) said in a statement. High palm oil reserves in india and higher palm oil prices in malaysia also led to low imports, sea said.Imports of soybean oil also declined by 15.4% to 384,382 tonnes. Similarly, sunflower oil imports also declined by 46.2% to 152,803 tonnes. It is said to be the lowest in 10 months. India's total oil imports fell 30 percent to 1.1 million tonnes, the sea said. sea data showed the country's oil stocks fell to 2.45 million tonnes from 2.93 million tonnes a month ago as imports fell.
India mainly buys palm oil from indonesia, malaysia, and Thailand. At the same time, argentina imports soybean oil and sunflower oil from Brazil, Russia, and Ukraine. Most of the food items and snacks made in our country are made with oil. With diwali approaching, the demand for cooking oil in the country is likely to increase. Due to this, the import of palm oil may increase to more than 7 lakh tonnes in October, said a dealer from New Delhi.
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