Govt raises import duty on palm oil, soyoil to support farmers
India doubled the import tax on crude palm oil to 30 percent, while the duty on refined palm oil has been raised to 40 percent from 25 percent earlier, the government said in an order late on Friday, as it tries to support local farmers.
The world’s biggest importer of edible oils also raised the import tax on crude soyoil to 30 percent from 17.5 percent earlier. It raised the import tax on refined soyoil to 35 percent from 20 percent earlier, it said.
India imports palm oil mainly from Indonesia and Malaysia and soyoil from Argentina and Brazil.