TNAU recommends reimposition of edible oil import tariff

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Coimbatore, Sep 22(UNI) Tamil Nadu Agricultural University (TNAU) recommends reimposition of edibe oil import tariff since commodity prices in India were currently on the upswing, oilseed prices were weakening steadily and the trend was being experienced across the oil-seed sector throughout the world, causing concern to the domestic growers.

In a press release here today Domestic and Export Market Intelligence Cell of TNAU project Coordinator N Raveendaran and Senior Research Fellow D Sriakila said oilseed prices were set to fall further in the coming months due to harvests, which would favour the consumers, but at the cost of farmers.

India consumes around 11.5 to 12.0 million tonnes of edible oils.

The per capita consumption was around 11 kg per year, lower than in developed countries. It was projected to increase from 12.7 million tonnes in 2007-08 to 14.9 million in 2011-12.

The deficit in domestic supply of about four to six million tonnes of edible oils was being met by imports. About 75 percent of edible oil imports were constituted by palm oil from Malaysia and Indonesia and the rest by soy oil from Brazil and Argentina. This year, the country's economy was experiencing a major shuffling in all essential commodities, including edible oils.

The Centre, however, slashed the import duty for refined oils to 7.73 per cent and duty free imports for crude vegetable oils. The relaxation of tariff structure made it possible to import the maximum quantity of edible oil at a cheaper rate, unlike in the previous years, the release added.

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