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The surge in coconut oil prices in the domestic market has forced corporate firms to look at options to import it.
The first shipment of 4,500 tonnes reached Mundra Port from Indonesia in December following an order placed by a Mumbai-based FMCG company dealing in coconut oil products.
The estimated Cost Insure Freight (c.i.f) of the consignment was about ₹35 crore, sources familiar with the development said.
This particular company, which had secured the coconut oil import license in September, has brought in 4,300 tonnes so far this month. The landed price of the oil comes to ₹83/kg against domestic prices, hovering at ₹130-150.
The market, according to sources, has been witnessing an unprecedented upward movement in the last 14 months.
The are no indications of a decline yet. Normally, there should be a price correction within a year.
However, there is a silver lining with demand rising for organic virgin coconut oil from the US and Europe.
Last year, India exported 500 tonnes and this year, exports are set to double.
Besides rising demand for raw coconuts from Pakistan has also brought cheer to the sector. Last year, raw coconut exports fetched ₹200 crore revenue.
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