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Coconut oil from other countries such as the Philippines may soon find its way into the country, thanks to its soaring prices.
“The Government has banned import of coconut oil to help coconut farmers. In Kangeyam and other places, on Thursday, price of the coconut oil was up at ₹2,350 for 15 kg loose pack (₹196/kg in wholesale market). But palm kernel and palm oil are selling below ₹75/kg. Coconut oil is available at a low price in other countries. If the situation continues, it will force the Government to lift the ban on imports,” said RM Palanisamy, a coconut oil trader of Erode.
He said that the current rise in coconut oil prices is artificial. Farmers have exhausted copra stocks and noticing the increasing price, many have purchased huge quantities of coconuts from Kerala and Karnataka to convert them into copra. Some farmers have hoarded huge quantity of copra expecting further increase in copra price. On Thursday, copra was sold at ₹11,000 a quintal in open market and only a limited quantity was available for sale. Edible copra was sold at ₹12,000-13,000 a quintal.
Crushers said that they are have huge stock of coconut oil, but sales are poor. Only negligible quantity of coconut oil has been sold. The sale of palm oil has trebled and is selling at ₹6,300 a quintal.
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