Government of India has reduced the duty on Crude Palm Oil (CPO) by 5% in order to bring relief to the consumers and reduce the edible oil prices.
Daily Current Affairs Quiz 2021
The major edible oils consumed in the country are mustard, soyabean, groundnut, sunflower sesame oil, niger seed, safflower seed, castor and linseed (primary source) and coconut, palm oil, cottonseed, rice bran, solvent extracted oil, tree & forest origin oil.
The total domestic demand of edible oils in the country is approximately 250 LMT per year. Around 60% of the edible oils consumed in the country is met through imports.
Palm oils (Crude + Refined) import constitutes around 60% of the total edible oil imported, out of which 54% is imported from Indonesia and Malaysia.
As the country has to depend heavily on imports to meet the gap between demand and supply, the International prices have an impact on domestic prices of edible oils.
