Refined Soy Oil Closed Lower

Refined soy oil closed lower due to reports of higher imports of edible oil continues for the month of February keeping sufficient stocks with the stockists. Ref Soy oil Mar’16 expiry closed lower by 1.04% at Rs. 608.8 per 10 kg.

As per latest SEA data, edible oils import decline m-o-m to 12.55 lt 14.07 lt in January 2016 from 14.07 in December 2015. However, import of vegetable oils increased y-o-y during January 2016 compared to 10.95 lt in January 2015.

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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