Domestic farmers and refiners to benefit from hike in import duty on crude and palm oil
DSIJ Intelligence / 12 Aug 2017
Import duty on crude palm oil has been raised by the government to 15% from 7.5%. The duty on refined oil has been increased from 15% to 25%.
Import duty on crude palm oil has been raised by the government to 15% from 7.5%. The duty on refined oil has been increased from 15% to 25%. This move will help boost local prices and cut down on cheap imports sourced from Malaysia and Indonesia, thereby benefiting domestic farmers and refiners.
The import duties on other crude edible oils such as soya and sunflower have been hiked from 12.5% to 17.5%, as per a notification released by the Central Board of Excise and Customs.
As per data available, the import of vegetable oil increased by 15% in June at 13.44 lakh tons. In the first eight months of 2016-17, the import of vegetable oils increased marginally at 98,63,572 tons as compared to 97,63,043 tons. India imports approximately 14.5 million tons of vegetable oils, both edible and non-edible, per year to meet domestic demand.
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