India, one of world’s biggest importer of vegetable oil, is to lift import duty on Vegetable Oils mainly due to lower domestic demand of Oil seeds like Rapeseed and Soybeans.
Local Oil-seed crushers are struggling to compete with cheaper edible oil imports from Indonesia, Malaysia, Brazil and Argentina.
Considering the situation of local crushers, India seeks raise in import taxes on crude and refined edible oils to protect local farmers.
In August New Delhi had doubled the import tax of Crude Palm Oil and Refined Palm Oil to 15 percent and 25 percent respectively.
Despite the hike in import duty, prices of key oil-seeds such as Soybeans and Rapeseed are trading below the government set price.
Local Oil-seed crushers are struggling to compete with cheaper edible oil imports from Indonesia, Malaysia, Brazil and Argentina.
Considering the situation of local crushers, India seeks raise in import taxes on crude and refined edible oils to protect local farmers.
In August New Delhi had doubled the import tax of Crude Palm Oil and Refined Palm Oil to 15 percent and 25 percent respectively.
Despite the hike in import duty, prices of key oil-seeds such as Soybeans and Rapeseed are trading below the government set price.
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