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India raises import tax on palm oil to 44%, highest in a decade


  • Palm Oil
  • Friday, 2 Mar 2018

The fourth increase in import tax in less than six months would push up domestic edible oil prices and support prices of local oilseeds like soybean and rapeseed , said B.V. Mehta, executive director of the Solvent Extractors' Association (SEA), a Mumbai-based trade body.

The fourth increase in import tax in less than six months would push up domestic edible oil prices and support prices of local oilseeds like soybean and rapeseed , said B.V. Mehta, executive director of the Solvent Extractors' Association (SEA), a Mumbai-based trade body.

MUMBAI: India has raised import tax on crude and refined palm oil to the highest level in more than a decade, the government said in a statement on Thursday, as the world's biggest edible oil importer tried to support local farmers.

The duty increase would lift oilseed prices and encourage domestic supply for crushing, helping cap edible oil imports in the 2017/18 marketing year that started on Nov. 1, dealers said.

Palm Oil , Plantations , Markets , Taxation

   

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