India May Increase Import Duty on Edible Oils: TOI

22-Feb-2025 09:09 AM

India May Increase Import Duty on Edible Oils: TOI
★ According to The Times of India (TOI), an inter-ministerial meeting on edible oils discussed a potential hike in import duties, with an official announcement expected soon.
★ In September 2024, the government had increased import duties on crude and refined oils by 20%.
★ Following this hike, the import duty on crude oils rose to 27.5% from 5.5%, while the duty on refined oils reached 35.75%.
★ The duty hike aimed to ensure better prices for soybean farmers, but despite this, prices declined.
★ Recently, due to the continuous rise in palm oil prices, importers canceled orders for 1 lakh tons of crude palm oil scheduled for March-June shipment deliveries.
★ Discussions on edible oil imports have been ongoing for a long time, and now major newspapers and websites have also started reporting on this issue.