Latest news with #CrudePalmOil
Daily Express
12-07-2025
- Daily Express
Palm oil worth RM2.9 million seized in Sandakan, 4 held
Published on: Saturday, July 12, 2025 Published on: Sat, Jul 12, 2025 By: Winnie Kasmir Text Size: Storage tanks filled with CPO and PPO seized. SANDAKAN: A joint operation involving Marine Police Force and the Malaysian Palm Oil Board (MPOB) here led to the arrest of four suspects and seizure of crude and processed palm oil worth nearly RM3 million. The integrated operation, conducted around 3:30pm, Thursday, involved simultaneous raids at two separate locations in Sandakan. In the first along the Sandakan-Kinabatangan roadside, authorities detained four male suspects aged between 20 and 45. The individuals were caught red-handed transferring Crude Palm Oil (CPO) from a tanker lorry into another storage tank for transport to a different location. Two tanker lorries containing the CPO were confiscated on site. The second raid occurred at a premises in Bandar Ramai-Ramai, Sandakan, where enforcement personnel discovered another tanker lorry and several storage tanks filled with both crude palm oil (CPO) and processed palm oil (PPO). The total haul was valued at RM2,965,400, comprising 75,000 litres of palm oil products. According to Commander of PPM Wilayah 4 Sabah, ACP Mohd Nazri Ibrahim, the case is being investigated under the Malaysian Palm Oil Board (Licensing) Regulations 2005. He added that so far in 2025, PPM Wilayah 4 has recorded 11 cases and arrested 23 individuals, with the total value of seizures exceeding RM12.2 million. The force remains focused on combating cross-border crimes and smuggling activities in national waters, particularly in maritime hotspots near neighboring countries. Nazri urged the public to report any suspicious activities that may threaten national interests or local communities. Reports can be made directly to the PPM operations room via telephone at 088-454819 or through the official Facebook page of PPM Wilayah 4 Sabah. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
India Gazette
22-06-2025
- Business
- India Gazette
Duty reduction on crude edible oils beneficial for both refiners, consumers: CareEdge
New Delhi [India], June 22 (ANI): The recent cut in import duties on crude edible oils is beneficial for major industry players as it would encourage refiners to favour crude imports over refined oils, a report by CareEdge Ratings said. Also, according to the rating agency, the duty reduction would lead to improved capacity utilisation and enhanced refining margins through increased domestic processing. On May 30 this year, the government announced a reduction in the Basic Customs Duty (BCD) on key imported crude edible oils -- Crude Palm Oil (CPO), Crude Soybean Oil, and Crude Sunflower Oil -- lowering it from 20 per cent to 10 per cent. The move is widely seen as an effort to taper domestic edible oil prices and control food inflation. Post the duty cut, the Basic Customs Duty on Refined Edible Oils (RBD) remains at 32.5 per cent, widening the differential between Refined, Bleached, and Deodorized palm oil and crude variant of palm oil to 19.25 per cent and enhancing the competitive advantage for domestic refiners. Ultimately, it will aid better price discovery for retail consumers. India remains the world's leading importer of edible oils, meeting approximately 55-60 per cent of its domestic consumption through overseas purchases primarily from Indonesia and Malaysia. 'The increase in duty differential between crude and refined edible oils shall enhance competitiveness for domestic refiners,' the CareEdge report read. Domestic retail edible oil prices, which saw firm trends during the first half of 2025 due to elevated global prices and currency depreciation, are expected to soften over the coming weeks as refiners pass on cost advantages resulting from the duty reduction, the rating agency said. The Ministry of Consumer Affairs has also issued directives requiring edible oil companies to revise their Maximum Retail Prices (MRPs) downward and submit weekly updates on Price-to-Distributor (PTD) rates. With food inflation (CPI-based) easing to 2.8 per cent in May 2025 (as per data from the Ministry of Statistics and Programme Implementation) and the Indian Meteorological Department forecasting a stronger-than-normal monsoon, these developments are anticipated to reinforce the downtrend in edible oil retail prices collectively. 'The recent duty revision acts as a timely and prudent policy intervention aimed at moderating inflationary pressures while bolstering the competitiveness of domestic refiners. The increased duty differential is expected to enhance gross refining margins and boost capacity utilisation in the near term. Additionally, the reduced landed costs will likely result in a price correction over the near term, ultimately benefiting retail consumers,' said Rajan Sukhija, Associate Director, CareEdge Ratings. Priti Agarwal, Senior Director, CareEdge Ratings, said, 'The move is a win-win for all in the domestic edible oil manufacturing value chain as it will not just strengthen the capacity utilisation of domestic refiners but also ensure a fair price to domestic oilseed farmers and a fair price to consumers.' (ANI)
Time of India
22-06-2025
- Business
- Time of India
Duty reduction on crude edible oils beneficial for both refiners, consumers: CareEdge
The recent cut in import duties on crude edible oils is beneficial for major industry players as it would encourage refiners to favour crude imports over refined oils, a report by CareEdge Ratings said. Also, according to the rating agency , the duty reduction would lead to improved capacity utilisation and enhanced refining margins through increased domestic processing. On May 30 this year, the government announced a reduction in the Basic Customs Duty (BCD) on key imported crude edible oils, Crude Palm Oil (CPO), Crude Soybean Oil, and Crude Sunflower Oil, lowering it from 20 per cent to 10 per cent. The move is widely seen as an effort to taper domestic edible oil prices and control food inflation . Post the duty cut, the Basic Customs Duty on Refined Edible Oils (RBD) remains at 32.5 per cent, widening the differential between Refined, Bleached, and Deodorized palm oil and crude variant of palm oil to 19.25 per cent and enhancing the competitive advantage for domestic refiners. Live Events Ultimately, it will aid better price discovery for retail consumers. India remains the world's leading importer of edible oils , meeting approximately 55-60 per cent of its domestic consumption through overseas purchases primarily from Indonesia and Malaysia. "The increase in duty differential between crude and refined edible oils shall enhance competitiveness for domestic refiners," the CareEdge report read. Domestic retail edible oil prices, which saw firm trends during the first half of 2025 due to elevated global prices and currency depreciation, are expected to soften over the coming weeks as refiners pass on cost advantages resulting from the duty reduction, the rating agency said. The Ministry of Consumer Affairs has also issued directives requiring edible oil companies to revise their Maximum Retail Prices (MRPs) downward and submit weekly updates on Price-to-Distributor (PTD) rates. With food inflation (CPI-based) easing to 2.8 per cent in May 2025 (as per data from the Ministry of Statistics and Programme Implementation) and the Indian Meteorological Department forecasting a stronger-than-normal monsoon, these developments are anticipated to reinforce the downtrend in edible oil retail prices collectively. "The recent duty revision acts as a timely and prudent policy intervention aimed at moderating inflationary pressures while bolstering the competitiveness of domestic refiners. The increased duty differential is expected to enhance gross refining margins and boost capacity utilisation in the near term. Additionally, the reduced landed costs will likely result in a price correction over the near term, ultimately benefiting retail consumers," said Rajan Sukhija, Associate Director, CareEdge Ratings. Priti Agarwal, Senior Director, CareEdge Ratings, said, "The move is a win-win for all in the domestic edible oil manufacturing value chain as it will not just strengthen the capacity utilisation of domestic refiners but also ensure a fair price to domestic oilseed farmers and a fair price to consumers."
India.com
19-06-2025
- Business
- India.com
Will Ensure That Edible Oil Price Reduction Reaches Consumers: Centre
New Delhi: The government has said that it will continue to closely monitor and conduct periodic reviews to ensure that the benefits of lower import duties on edible oil translate effectively into lower consumer prices across the country. Any anomalies or delays in passing on the price benefits will be addressed through appropriate regulatory actions, according to Department of Food and Public Distribution (DoFPD), which has conducted a series of comprehensive inspection visits to key edible oil refining and processing facilities across the country. The inspections, which were carried out over the past few days, covered major port-based edible oil refineries and inland processing plants that import Crude Palm Oil (CPO), Crude Soybean Oil, and Crude Sunflower Oil. Some of the major industries were visited, the specific States include: Maharashtra, Andhra Pradesh, Madhya Pradesh and Gujarat, where maximum edible oil processing facilities are situated. 'These inspections were aimed at reviewing the impact of recent duty reductions on the Maximum Retail Price (MRP) and the Price to Distributor (PTD) of refined edible oils such as Refined Sunflower Oil, Refined Soybean Oil, and RBD Palmolein,' according to the Ministry of Consumer Affairs. A majority of the inspected units have already reduced both MRP and PTD in response to the reduction in landed cost of imported crude edible oils, made possible due to the recent rationalisation of import duties. Several processing units conveyed their commitment to implement further reductions in prices in the next few days, as they continue to receive lower-cost shipments of crude oils under the revised duty structure. The initiative has helped stabilise prices in the edible oil market, and early signs suggest that the benefits are gradually reaching end consumers through lower retail prices. In recent months, the government has taken several policy measures to curb inflationary trends in edible oil prices. A major step included reducing the import duty on various crude edible oils to lower the overall landed cost. The Centre has reduced the basic customs duty on crude edible oils, including crude sunflower, soybean, and palm oils, from 20 per cent to 10 per cent to bring down prices in the local market.
New Indian Express
18-06-2025
- Business
- New Indian Express
Reconsider decision on import duty cut on crude palm oil: TDP to Centre
VIJAYAWADA: Chief Minister N Chandrababu Naidu has urged Union Home Minister Amit Shah to reconsider reduction of crude palm oil import duty. A TDP delegation, led by MP Lavu Sri Krishna Devarayalu, along with Union Civil Aviation Minister K Ram Mohan Naidu, met the Union Home Minister on Tuesday. The delegation submitted a formal letter from CM Naidu, urging reconsideration to rollback the Centre's recent decision to reduce import duty on Crude Palm Oil (CPO) by 10%, as per gazette notification released on May 30. In his letter, Naidu highlighted that the timing of the duty reduction - announced during the peak plantation season - could seriously disrupt the success of the National Mission on Edible Oils - Oil Palm (NMEO-OP) and hurt farmer income. 'This decision, while perhaps intended to address short-term concerns, stands to seriously undermine the long-term vision and efforts being made by both the Government of India and the States, including Andhra Pradesh, to promote oil palm cultivation under the NMEO-OP, Naidu explained. AP accounts for over 50% of the total oil palm cultivation area in India, with 1.74 lakh farmers cultivating across 2.49 lakh hectares. The State has already achieved 67,727 hectares of oil palm coverage, and targets an additional 50,000 hectares this year, he stated.
