India is the largest buyer of Malaysian oil and India accounted for 2.8 per cent of Malaysian GDP and 4.5 per cent of its total exports last year. According to the report of Agency, Kuala Lumpur is offering a discount of $ 5 per ton of oil to convince the Indian businessmen.
Perhaps you will also know that Indian refineries stopped buying oil from Malaysia last month. It was being said that after Malaysia's anti-India statement on Jammu and Kashmir, the government may increase the import duty on goods. According to a Mumbai based dealer working in a global trading firm, Malaysia is selling its oil at a discount of $ 5, amid the number of ships growing at Indonesian ports. This has given some small buyers a reason to buy Malaysian oil.
The dealer said, while the price of the Malaysian palm oil shipment is $ 603, the cost of the Indonesian shipment is $ 608. For your information, let us know that Indonesia is the largest producer of palm oil after Malaysia. Angered by Malaysia's stance on the Kashmir issue, India's edible oil trading unit directed its members to stop buying Malaysian oil.
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Source: Amar Ujala
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