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The center has increased the import tax on crude palm oil from current 30 percent to 44 percent. The government also increased the import levy on the refined palm oil to 54 percent from the earlier 40 percent. This rise in the import taxes was disclosed by the government in a statement given on March 1st.
As per the industry, this duty hike will also push up the oilseed prices and also the domestic supply for the crushing companies. This will help the country to control the edible oil imports in the marketing year 2017-18 (November- October) that has just begun about four months back.
India imports the largest quantity of edible oils in the world. The country buys palm oil from Indonesia and Malaysia mainly. For the import of soy oil, India mainly looks towards Brazil and Argentina.