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With Indonesia increasing permits for palm oil exports, prices in India to go down
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Monday, 29 April, 2024, 08 : 00 AM [IST]
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Ashwani Maindola, New Delhi
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With the Indonesian Government increasing the permits for palm oil exports, the domestic prices in India are expected to get lowered.
Shankar Thakkar, president, All India Edible Oil Traders Federation, said that Indonesia, the top palm oil producing country, is expected to export more crude palm oil (CPO) and its derivatives in April because its Trade Ministry has issued more export permits during the month of March.
"The ministry has issued export permits for 1.36 million tonne in February compared to 1.55 million tonne in March. Cooking oil supplies stood at 82,531 tonne on domestic market obligation program (DMO) basis till April 21 as reports and shipments were delayed by the week-long Eid holidays," said Thakkar.
He added that the DMO cooking oil deliveries would be higher in April, May due to higher supply of CPO and improvement in export market in May, June.
Indian traders were also expecting a cut in export duty by Indonesia in the coming days, which will help in price reduction.
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