The Solvent Extractors Association of India (SEA) hopes that Sunflower oil imports may fall to 80,000 tonnes in April as against 212,000 tonnes in last month.
“India had imported nearly 127,000 tonnes of sunflower oil from Ukraine, 73,500 tonnes from Russia and 11,900 tonnes from Argentina. These Consignments had left for India before the conflict began between Russia-Ukraine and there is no shipment from Ukraine took place in April” said, BV Mehta, executive director, SEA.
The high prices of Sunflower oil in Global markets at $ 2200 per tonne, lesser availability and high prices at Rs 172,000 per tonne has reduce the demand and consumption of oil. This deficit has partially replaced by other edible oils like soybean oil, palm olein, groundnut oil in South India and refined mustard oil, rice bran oil in North India. Also during the last one month, prices of other edible oil declined, providing some relief to consumer, Mehta added.
Stating that the Union Ministry of Finance had reduced the Agriculture Infrastructure and Development CESS on CPO imports to 5% from 7.5%, on the SEA’s request for larger duty difference, he said this increased the duty differential between CPO and RBD oils to 8.25% from the earlier 5.5% “This provided a minor relief to the refining industry, but not enough ,” he said.
