Govt puts restrictions on import of refined palm oil

The government on Wednesday imposed restrictions on imports of refined palm oil.

According to a notification of the Directorate General of Foreign Trade (DGFT), "import policy" is amended from "free to restricted" for refined bleached deodorised palm oil and refined bleached deodorised palmolein.

Putting the commodity in the restricted category means an importer will require a licence for import.

India, the world's largest importer of vegetable oils, buys nearly 15 million tonnes annually. Of this, palm oil comprises 9 million tonnes and the rest 6 million tonnes is soybean and sunflower oil.

Indonesia and Malaysia are the two countries which supply palm oil.

Malaysia produces 19 million tonnes of palm oil in a year, while Indonesia produces 43 million tonnes, the trade data showed. 

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