Consumers may have to pay more for daily essential items with FMCG companies mulling another round of price hike to ease inflationary pressure on commodity prices of items such as wheat, palm oil
Indonesia's palm oil price should not be dictated by external market, its trade minister said, backing his decision to expand palm oil export curbs at time of surging global prices from supply crunch
Ukraine and Russia accounted for nearly 13% of India's edible oil imports last year, supplying 1.6 million tonnes.
Palm oil has become the costliest among the four major edible oils for the first time
Palm oil's record premium over rival oils could squeeze price-sensitive Asian and African consumers already reeling from spiralling fuel and food costs, and force them to curtail consumption and shift
Ukraine and Russia account for about a quarter of the global trade in wheat, a fifth of corn sales, and 80% of worldwide sunflower oil exports.
After a long time, domestic oilseeds have started selling above minimum support price (MSP) and improving farm incomes
Widely used in edible oil blending, cosmetics, processed food products, palm oil's prices on Bursa Malaysia Derivatives is considered to be the global benchmark among trade circles
In 2021, the govt pushed renewables to meet its updated climate aims, but also came up with plans to clear forests and reduced scrutiny of polluting units that could cause further environmental damage
Higher imports of refined palm oil by India, the world's biggest buyer of vegetable oils, could help producers in Indonesia and Malaysia but hurt refiners in India
The government has reduced the basic customs duty on refined palm oil to 12.5 per cent from 17.5 per cent till March next year to boost supplies and bring down rates in domestic retail markets
The revised Basic Customs Duty (BCD) will be effective till the end of March 2022
It, however, added that the import is not permitted through any port in Kerala
According to officials, the new mission plans to raise oil palm cultivation to one million hectares by 2025-26 and 1.7-1.8 million hectares by 2029-30.
Govt says ICAR analysis shows oil palm requires less water than rice, banana and sugarcane; large-scale deforestation a concern
India is likely to buy more Malaysian palm oil after export levies imposed by top producer Indonesia hit record highs in the past year
The company's cost of materials increased 8% from Rs 1,768 crore in Q2FY21 to Rs 1,915 crore in the corresponding quarter of FY22
Move might impact farmers' realisation when kharif harvest is on, say industry players
The Union minister emphasised playing an equal role for the development of the crop and assured to make major investments
Higher purchases by India, the world's biggest buyer of vegetable oils, could support palm oil prices that are trading near a record high hit earlier this week.