MARKET DEVELOPMENT
Import Duty Raised on Palm Oil
Import Duty Raised on Palm Oil
14/08/2017 (India Infoline) - The Government of India raised the import duty on crude palm oil to 15% from 7.5% and on refined to 25% from 15% to restraint cheap shipments and boost local prices to support domestic farmers and refiners.
The import duties on other crude edible oils like soya and sunflower have been increased to 17.5% from 12.5%, as per the Central Board of Excise and Customs notification.
The rise in the import duty of crude and refined palm oil will help to curb the cheaper imports from Malaysia and Indonesia and it will help local farmers.
India imports around 14.5 million tonnes of vegetable oils (edible and non-edible) per year to meet domestic demand. Import of vegetable oil grew by 15 per cent in June at 13.44 lakh tonnes, as per industry data.
In the first eight months of the 2016-17 oil marketing year, the import of vegetable oils hiked marginally at 98,63,572 tonnes compared to 97,63,043 tonnes. The step is also expected to give a boost to oil seeds sowing in the ongoing season.
The import duties on other crude edible oils like soya and sunflower have been increased to 17.5% from 12.5%, as per the Central Board of Excise and Customs notification.
The rise in the import duty of crude and refined palm oil will help to curb the cheaper imports from Malaysia and Indonesia and it will help local farmers.
India imports around 14.5 million tonnes of vegetable oils (edible and non-edible) per year to meet domestic demand. Import of vegetable oil grew by 15 per cent in June at 13.44 lakh tonnes, as per industry data.
In the first eight months of the 2016-17 oil marketing year, the import of vegetable oils hiked marginally at 98,63,572 tonnes compared to 97,63,043 tonnes. The step is also expected to give a boost to oil seeds sowing in the ongoing season.