Economy, Domestic Economy

Sharp Fall in Palm Oil Imports

Sharp Fall in Palm Oil ImportsSharp Fall in Palm Oil Imports

Palm oil imports registered an average annual rate of 400,000 tons over the past two years, indicating a 57% decrease compared with the preceding two years, according to Iran’s Food and Drug Administration. “The Health Ministry has set an annual limit of 420,000 tons for imports,” the head of Iranian FDA, Rasoul Dinarvand, was quoted as saying by Iran Economist. He added that the government has imposed high tariffs on palm oil imports, which in turn has increased the end price of the product in the Iranian market. Palm oil, which has raised serious health concerns, was widely consumed because of its low price. The government plans to lower the share of palm oil in total vegetable oil consumption to 30%.