Edible oil import Current Affairs, GK & News

India cuts Crude Palm Oil Import Tax

India has cut import tax on crude palm oil from 15 % to 10% for three months. This new duty would be effective from June 30, 2021. Key Points India is world’s biggest importer of vegetable oils. But it has been struggling to bring down edible oils prices.  Thus, decision to reduce the import tax ..

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Govt reduced Tariff on Edible Oil Import

Union government has reduced tariff value for import of edible oil including palm oil by USD 112 per tonne.  This move will lead to reduction in domestic prices. Key Points Central Board of Indirect Taxes and Customs (CBIC) reduced the tariff import value of crude palm oil by USD 86 per tonne. Import price on RBD ..

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US Becomes India’s Second Biggest Oil Supplier

The United States has become the second biggest oil suppliers of India by overtaking Saudi Arabia. This shift comes after the refiners boosted cheaper U.S. crude purchases to a record levels in order to offset the OPEC+ supply cuts. Key points The switch in supplies were triggered by the lower U.S. crude demand. It was ..

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National Mission for Edible Oil (NMEO)

The Ministry of Agriculture has proposed for the National Mission for Edible Oil in order to increase the domestic availability and reduce the import dependency. The mission has been proposed for next five years in the span of 2020-21 to 2024-25. About National Mission for Edible Oil (NMEO) The NMEO comprises of the three Sub-Missions ..

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Imports of Edible Oil decline in India by 32.44%

The Solvent Extractors Association of India reported that edible oil imports in India has declined by 32.44% in March 2020. This is because, India, the largest importer if vegetable oil in the world has reduced its imports due to the threats of COVID-19. Highlights The report released by the association highlighted that India feeds its ..

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