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The new base import price of crude palm oil was reduced from $ 1,625 per tonne to $ 1,620 per tonne. Similarly, RBD palm oil and RBD palm oil base prices were reduced to $ 1,757 per tonne and $ 1,767 per tonne, respectively. The base import price of crude soybean oil was reduced from $ 1,866 to $ 1,831 per tonne.
Anil Chugh, president (consumer care business) at Wipro Consumer Care and Lighting, which sells brands such as Santoor, said FMCG products will not be discounted, although inflation will slow.
Recently, companies across these sectors have increased the prices of their products, citing high production costs. In April and May this year, Hindustan Unilever Limited (HUL) doubled the price of goods, citing rising production costs.
India’s palm oil imports fell by 10 per cent in May compared to April due to the ban on exports of edible oil by leading producers Indonesia. Palm oil imports fell to 5,14,022 tonnes in May from 5,72,508 tonnes in April, according to the Solvent Extractors’ Association (SEA).
India imports 13.5 million tonnes of edible oil annually. Of that, 8-8.5 million tons (approximately 63 percent) is palm oil. Indonesia and Malaysia are the largest importers of palm oil in the world. About 45% of total edible oil imports come from Indonesia and the rest from neighboring Malaysia. India imports about 4 million tonnes of palm oil from Indonesia every year.