Govt extends restriction free import of refined palm oil

New Delhi, Dec 29 (KNN) With the aim to increase the domestic supplies and bring down prices of cooking oils, the government has decided to extend the facility of restriction free imports of refined palm oil beyond December 31, 2022.

"The free import policy of items (refined bleached deodorised palm oil, refined bleached deodorised palmolein) is extended beyond December 31, 2022 until further orders," the Directorate General of Foreign Trade (DGFT) said in a notification.

The notification however added that the import is not permitted through any port in Kerala.

Last year, the government in the month of June had decided to remove import restrictions on refined palm oil till December 31, 2021 as prices of edible oils had risen sharply. Later, it was extend till December 31, 2022.

Earlier, these imports were under the restricted category wherein an importer needed a licence or permission from DGFT for inbound shipments.

According to the industry body Solvent Extractors Association of India (SEA), India saw more than two-and-a-half time’s increase in import of refined palm oil at 17.12 lakh tonne in the last 11 months due to lower prices in Indonesia.

India, the world's leading vegetable oil buyer, imported 130.1 lakh tonne of vegetable oils during the November-September period of the ongoing 2021-22 oil year, 4 per cent higher than the year-ago period.  (KNN Bureau)