KOLKATA: Import of vegetable oils during February 2017 has been pegged at 12.7 lakh tonnes compared to 10.82 lakh tonnes in February 2016, up by 17%, consisting of 12.34 lakh tonnes of edible oils and 36,188 tonnes of non-edible oils, according to Solvent Extractors’ Association of India.
The overall import of vegetable oils during first four months of current oil year 2016-17 (Nov.’16 to Feb.’17) is reported at 46.8 lakh tonnes compared to 50.98 tonnes - lesser by 8%.
Import has reduced due to good kharif oilseeds crop and thus better domestic availability of edible oils. Also, currency crunch due to demonetisation has slow down the purchases by end consumers during the first quarter of the year also affected the demand and import to some extent.
The stock of edible oils as on 1st March, 2017 at various ports is estimated at 775,000 tonnes (CPO 290,000 tonnes, RBD Palmolein 160,000 tonnes, Degummed Soybean Oil 180,000 tonnes, Crude Sunflower Oil 130,000 tonnes and 15,000 tonnes of Rapeseed (Canola) Oil) and about 1,190,000 tonnes in pipelines.
Total stock at ports and in pipelines increased to 1,965,000 tonnes from 1,730,000 tonnes in Feb. 2017, thanks to higher import during Feb.’17. The overall stock as on 1st March 2017 has increased by 235,000 tonnes compared to 1st Feb. 2017.
India’s monthly requirement is about 16.50 lakh tonnes and operates at 30 days stock against which currently holding the stock over 19.65 lakh tonnes equal to 36 days requirements.
During Nov.’16 – Feb.’17, Import of refined oil (RBD Palmolein) has further increased to 916,438 tonnes from 791,352 tonnes in the same period of last year, while Import of crude oil decreased to 3,656,061 tonnes from 4,271,590 tonnes during the same period of last year.
Source: Economictimes.indiatimes.com
