Business Daily from THE HINDU group of publications
Monday, April 28, 2008 ePaper | Mobile/PDA Version
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Business Daily from THE HINDU group of publications Monday, April 28, 2008 ePaper | Mobile/PDA Version |
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News Update as at 18.00 hrs (IST)
Industry Edible oil imports may get dearer after June NEW DELHI: With slashing of import duty on edible oils, the commodity has become cheaper by Rs 10-15 a kg in the domestic wholesale market but experts cautioned the trend may not continue for long as there is a speculation that global prices could rise a fter two months. Although the duty cuts have spiked the sentiments of private players to place more orders for coming months, but they cannot bargain in the international market at current levels because prices are expected to surge after June, they said, adding imports might be dearer. "Currently, edible oil prices are stable in the international market. However, traders are speculating that they may rise after June," an apex body for vegetable oils, Solvent Extractors' Association of India (SEA), said. Prices of most of the imported edible oils are ruling stable in April as compared to March. Imported RBD palmolein rates slipped by 6.29 per cent to Rs 53,600 a tonne for the week ended April 25, against Rs 57,200 a tonne in the same period previous mont h, Mr B V Mehta, Executive Director, SEA said. Similarly, crude palm oil rates dipped by over 11 per cent to Rs 46,000 a tonne from the previous month. Groundnut oil prices came down by 7.75 per cent to Rs 65,500 a tonne from Rs 71,000 a tonne while sunflower oil slumped by 17.39 per cent to Rs 57,00 0 a tonne from Rs 69,000 a tonne. After Government's step to cut duty on edible oil imports, overseas purchases have become comparatively cheaper than earlier. As a result, prices of some edible oils such as mustard oil and soy oil softened in the domestic market, giving some relief to c onsumers who are reeling under high prices of food items. The Government on March 31 had made import of crude edible oils duty free and cut the duties on refined vegetable oils to 7.5 per cent to increase the domestic supply and arrest the price rise. - PTI
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