Refined Soy Oil Closed Iittle Higher

Refined soy oil closed little higher and traded in narrow range due to steady demand and higher supplies. However, expensive imports coupled with firm International market also providing support to edible oil in domestic market. Ref Soy oil Mar’16 expiry closed higher by 0.19% at Rs. 619.8 per 10 kg.

As per latest SEA data, edible oils import rose to 14.07 lt in December last year from 11.23 lt in December 2014. However, imports of non-edible oils fell to 11,467 tonnes from 17,996 tonnes in the year-ago period.

The oil industry has asked government to increase the duty to 45% from the current 12.5% to give support to indigenous industry. The Ministry has earlier proposed increase in import duty on crude edible oils to 17.5 % and on refined edible oils to 25% from the existing level.

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