Agriculture university, National university in Kiev, Ukraine

Nagpur: The central government has reduced import duty on soybean and sunflower from 7 per cent to zero per cent for two years. At the same time since Indonesia has lifted the palm oil export ban , the rates of edible oil are expected to be cheaper by Rs 10 per kg in India.The soybean and sunflower oil prices remained unchanged on Wednesday and Thursday after the government's announcement.Indonesia banned palm oil exports on April 28. However, the ban has been lifted since May 23. Imports of palm oil were closed during this period. Therefore, the price of edible oil, including soybean oil, had reached Rs 170 per kg. According to traders, it will take 15 days for oil imports to be restored.Annual import of 200 lakh tonnes of edible oilThe central government has controlled the price rise in edible oil by reducing import duties. But, it is unlikely to decrease. The government has exempted 2 million tonnes of sunflower oil and 2 million tonnes of soybean oil annually from import duty. However, in reality, oil seed production in the country is low. About 200 lakh tonnes of edible oil has to be imported every year. The annual import of soybean oil is 130 lakh tonnes and import of sunflower oil is 4 million tonnes. Traders are questioning whether the government will levy import duty again if imports exceed Rs 40 lakh.Palm oil Rs 210 kgSoybean oil is imported from the United States (Chicago), Argentina and Brazil, and sunflower oil from Russia and Ukraine. Imports of sunflower oil have been suspended for nearly four months due to the Russia-Ukraine war. As a result, the price of this oil has gone up from Rs 160 to Rs 220 per kg in six months. Due to the market slump, the price has fallen by Rs 10 to Rs 210. As a result, demand for soybean oil has increased, affecting sales of this oil. In retail market te rate of Soybean oil is Rs 170 per kg. Rising demand is likely to push up oil prices rather than reduce them.Thursday edible oil prices (per kg)Soybeans 174Groundnut 184Palm 170Sunflower 210Rice Bran 176Sesame 200

Agriculture UniversityFOLLOW

Agriculture university, Latest News

New Delhi, May 29 Union Finance Minister Nirmala Sitharaman is not among the top performing Cabinet ministers in ... ...

Kiev, May 29 Ukrainian President Volodymyr Zelensky has said that he had discussed defence support for Ukraine in ... ...

Moscow, May 28 Russian President Vladimir Putin, during a conversation with French and German leaders Emmanuel Macron and ... ...

Kiev, May 28 Ukrainian Foreign Minister Dmytro Kuleba said that he had discussed military support for Ukraine with ... ...

To modernise the tournament, Wimbledon will remove the titles "Miss" and "Mrs" before the names of female winners on its honour roll to match the men's board. The Times newspaper reported. ...

Kiev, May 27 Ukrainian President Volodymyr Zelensky and visiting Finnish Prime Minister Sanna Marin discussed Kiev's European integration and ... ...

Seoul, May 27 A South Korean volunteer fighter in Ukraine returned home Friday after sustaining knee injuries while in ... ...

Nagpur: The central government has reduced import duty on soybean and sunflower from 7 per cent to zero per ... ...