India, the world’s biggest buyer of Vegetable Oils, has raised import taxes on crude and refined edible oils to protect local oilseed farmers from cheaper imports from top suppliers Malaysia and Indonesia.
The government doubled the import tax on Crude Palm Oils to 15% and raised the import tax on refined Palm Oils to 25%, increasing the differential in duty by 10 percentage points to encourage local processing.
The government also raised the import tax on crude Soybean Oil to 17.5% from 12.5% previously.
The country spends about $10 billion a year to import Palm Oil from Malaysia and Indonesia and relatively smaller quantities of Soybean Oil from Brazil and Argentina.
The government doubled the import tax on Crude Palm Oils to 15% and raised the import tax on refined Palm Oils to 25%, increasing the differential in duty by 10 percentage points to encourage local processing.
The government also raised the import tax on crude Soybean Oil to 17.5% from 12.5% previously.
The country spends about $10 billion a year to import Palm Oil from Malaysia and Indonesia and relatively smaller quantities of Soybean Oil from Brazil and Argentina.
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