India lifts quantitative curbs on export of premium edible oils

The government has lifted quantitative restrictions on export of edible oil in branded consumer packs of up to 5kg, but fixed a minimum export price (MEP) of $1,500 per tonne.

At present, export of edible oils in branded consumer packs up to 5kg is permitted, within an overall ceiling of 20,000 tonnes.

The cabinet committee on economic affairs (CCEA) cleared a proposal moved by the commerce ministry on removing the quantitative ceiling on exports.

The CCEA also approved a proposal of the department of commerce to allow export of coconut oil from all ports and land customs stations with electronic data interchange facility, against the current permission to export from the Kochi port only.

The measure is aimed at supporting domestic producers of coconut who are suffering because of sharp drop in prices.

There will also be no restriction on such export of edible oil from domestic tariff area (DTA) to special economic zones (SEZs) to be consumed by SEZ units for manufacture of processed food products.