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No shortage of palm oil due to Indonesia's export ban: Govt
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SME Times News Bureau | 04 May, 2022
Almost a week after the export ban on palm oil by Indonesia, the Centre
on Wednesday said it is looking at the situation "very seriously" while
reiterating its position that there is sufficient stocks of all edible
oils to cover the lean period.
The international oil
trade market was already on the edge since the Ukraine-Russia war broke
out in late February. It faced a double whammy when Indonesia imposed
the export ban from April 28 owing to domestic reasons.
"The
government is looking at the situation very seriously after the oil ban
by Indonesia became operational. The National Mission on Edible Oil-Oil
Palm (NMEO-OP) has upped its efforts. (But) the problem cannot be solved
overnight," Food Secretary Sudhanshu Pandey told reporters here.
"However,
India has 40-45 Lakh metric tonnes (LMT) stock that is sufficient to
take care of this time period. Of its 460-odd LMT production,
Indonesia's domestic consumption is only 200 LMT. They have no option
but to export the rest," he said.
Last week, the government had
stated a similar thing in a statement. On the other hand, trading bodies
too are optimistic that Indonesia will need to deal with its own
continuing production of both crude palm and palm oil and hence will not
be able to continue with the export ban for long.
Palm oil
(crude and refined) constitutes roughly around 62 per cent of the total
edible oils imported and are imported mainly from Indonesia and
Malaysia, while soybean oil (22 per cent) is imported from Argentina and
Brazil, and sunflower oil (15 per cent) is imported mainly from Ukraine
and Russia.
The government data last week had shown that the
stock of all edible oils in the country was 21 lakh metric tonnes (LMT)
approximately and 12 LMT approximately was in transit arriving in May
2022. "Therefore, the country has sufficient to cover the lean period
due to the ban on export by Indonesia," the Ministry of Consumer
Affairs, Food and Public Distribution had said then.
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