Veg oil import touches a record 86.6 LT in 08-09

The country's vegetable oil import has touched a record 86.6 lakh tonne in the 2008-09 oil year ending October.

The country’s vegetable oil import has touched a record 86.6 lakh tonne in the 2008-09 oil year ending October,as zero import duty and a sliding dollar boosted shipments amid rising demand,the Solvent Extractors Association (SEA) said.

The country imported 63.1 lakh tonne (LT) of vegetable oil including vanaspati in the corresponding period last year,it said in a statement.

The oil year runs from November to October.

“Total import of vegetable oils for 2008-09 is a record since import opened in 1994. Lower or zero import duty and depreciation of dollar versus rupee by five per cent has made import more cheaper,” SEA Executive Director BV Mehta said.

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He said a rise in demand for low-priced oils like palmolein boosted consumption. The demand has also increased under the government schemes like mid-day meals and the unemployment schemes.

According to the SEA data,edible oil shipments rose significantly to 81.8 LT in the 2008-09 season from 56.1 LT in the same season last year. But the purchase of non-edible oil and vanaspati declined.

Non-edible oil import fell to 4.6 LT from 6.5 LT,while vanaspati import reduced to 20,000 tonne from 50,000 tonnes during the period,it said.

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