By admin       2017-12-11

India will import Cottonseed Oil for the first time as the international prices are cheaper than domestic market on account of lower import duty.In domestic market, prices of the oil is at about Rs 65,000-66,000 per tonne while the imported Cottonseed oil prices is lower by Rs 3,000 a tonne. India produces about 1.2 million tonne Cottonseed oil every year and nearly 60-65% production of it is done in Gujarat. The state has over 1,000 Cottonseed oil mills.According to the industry observers, if the government doesn’t take corrective action, it will hurt the domestic Cottonseed oil industry and farmers will also affected as it will pressurise the Cotton prices in future.The Solvent Extractors’ Association of India (SEAI) has urged the government to raise the import duty on crude and refined Cottonseed oil to provide relief to Cotton farmers. The customs duty for crude and refined vegetable oils was changed recently but the duty on crude and refined Cottonseed oil remains unchanged at 12.5% and 20% respectively.

Download App

# #

Member Login