Edible oil import Current Affairs, GK & News

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 ..

Month: 

Category: 

Topics: 

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 ..

Month: 

Topics: 

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 ..

Month: 

Category: 

Topics: 

Government hikes import duty on non-palm oils by 5-10%

The Central Board of Indirect Taxes and Customs (CBITC) under Finance Ministry has raised import duty by 5-10% on non-palm edible oils, both crude and refined ones, in order to protect interest of domestic oilseeds growers and processors. Key Facts Sunflower oil: The import duty on crude variant was increased from 25% to 35%, while ..

Month: 

Topics: