Despite the Increase in Import Duty, Prices of Edible Oils and Oilseeds Continue to Decline

03-Mar-2025 08:33 AM

Despite the Increase in Import Duty, Prices of Edible Oils and Oilseeds Continue to Decline
★ In September 2024, import duties on edible oils were raised to ensure better prices for soybean and groundnut farmers, but this did not have the desired effect.
★ Despite the increase in import duty, prices continued to decline.
★ Farmers sold 14.72 lakh tonnes of soybeans at MSP since the procurement began on October 1, with purchases of approximately 8.37 lakh tonnes from Maharashtra, 3.89 lakh tonnes from Madhya Pradesh, and around 1 lakh tonnes from Rajasthan.
★ Groundnut procurement reached 13.77 lakh tonnes, with 9.23 lakh tonnes purchased from Gujarat and 3.78 lakh tonnes from Rajasthan.
★ The primary reason for the decline in edible oil and oilseed prices is the large-scale increase in imports.
★ The industry has demanded a wider gap between crude and refined oil duties, and the government is reportedly considering this request.