FIJI imported $90.1million worth of animal or vegetable oil in 2009 and $88.3m worth of oil in 2010.
Ilisoni Taoba, the executive chairman of Copra Millers of Fiji, said such high bills could be reduced if coconut oil were used to substitute the imported products.
"If only we had enough coconut plantations to produce coconut oil. Secondly, Fiji has an estimated 60,000 hectares of coconut plantations with ageing and unproductive trees," he said.
"The seed stock supply share for these high value products is dwindling year by year. All these coconut products have the potential to be developed locally for both exports or import substitutes."
He said the copra mill in Savusavu manufactures copra into crude coconut oil for export and local sales.
"Of the total 4,886 metric tonne of copra in stock crushed to the year ending December 2012, we produced 3905 tonnes of crude coconut oil of which 235 metric tonnes (6 per cent) were sold locally and 3670 metric tonnes (94 per cent) exported to Malaysia and Taiwan," he said.