India's palm oil imports from Malaysia have effectively dried up as importers have stopped all purchases originating from the island nation after the Government of India is said to have privately asked them for it, reports The Times of India.
The situation arises as Malaysian Prime Minister (PM) Mahathir Mohamad continued his anti-India stance on Kashmir and several other issues including the Citizenship (Amendment) Act (CAA) which was passed by the sovereign parliament of India and received President Ram Nath Kovind's assent last month.
The latest shock to Malaysia comes in succession to India's decision to restrict imports of refined palm oil and palmolein from there. A notification in this regard had been issued by the government last week.
Malaysia, which was the top supplier of crude and refined palm oil, has now been replaced by Indonesia. The Indian importers have begun sourcing supplies from Indonesia despite the fact that Malaysian crude palm oil is available at $800 a tonne while the same shipment sourced from Indonesia costs a $10 premium.
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