9/7/2004, NEW DELHI (Dow Jones)--India's edible oil prices closedhigher in the week to Friday as expectations mounted on a hike in importduty on refined palm oil, which was finally announced by the government inthe federal budget on Thursday."India's edible oil prices went up in the week, and particularlysharply on Thursday after the budget announcement," said a trader.India's government increased the import duty on refined palm oil to75% from 70% earlier.India imports five million tons edible oils annually, of which 74% ispalm oil.Traders said the edible oil prices will now be keenly looking atprogress of the monsoon rains.India's monsoon rains, which is the only source of water for theoilseeds crop, has been scanty over the past few weeks, which has raisedconcerns over the production of oilseeds, such as soybean and groundnut."If rains don't take place for the next few days, prices of oilseedswill increase further," said a Delhi based trader.India's oilseeds crop is sown in June and harvested in September,while the monsoon rains take place from June to August.Friday, crude palm oil was at 37,000 rupees ($1=INR45.65) comparedwith INR36,500/ton last week. Refined palm oil was quoted at INR40,000/toncompared with INR39,500/ton last Friday.