MARKET DEVELOPMENT
India increases duty on palm oil imports
India increases duty on palm oil imports
03.05.2019 (The Star Online) - NEW DELHI: The Indian government has increased import duty on crude palm oil (CPO) by US$5 per tonne and on refined, bleached and dried (RBD) palm olein by US$9 per tonne.
The revised tariffs on palm oil and other commodities were issued by the Finance Ministry on Wednesday.
As per the new duty structure, the base import price of crude palm oil will be US$545 per tonne, RBD palm oil is priced at US$577 and RBD palm olein at US$582.
India is the world’s largest importer of vegetable oils with its monthly requirement being 1.9 million tonnes.
Malaysia and Indonesia are the country’s main palm oil suppliers. — Bernama