New Delhi: The government has banned the export of all edible oils for a year, a move considered to boost domestic supplies and contain rising prices of vegetable oils in the country.
The restriction is effective 17 March, Directorate General of Foreign Trade said in a notification on its website.
India mainly exports groundnut oil and coconut oil. The country exported 30,000 tonnes of groundnut oil and 5,000 tonnes each of coconut oil and mustard oil during the first four months of edible oil year, Mumbai-based vegetable oils trade body the Solvent Extractors’ Association (SEA) said.
Edible oil year runs from November to October.
India annually consumes about 10 million tonnes of edible oils, with imports contributing half of that.
Last month, the country’s vegetable oils imports surged by nearly three-fold to 4.30 lakh tons compared to 1.50 lakh tonnes in the previous year. While non-edible oils went up by four times at 84,237 tonnes, SEA data said.