Import duty on crude, refined palm oils hiked
Commodity Alert: Import duty on crude, refined palm oils hiked
Aimed at safeguarding the interests of the domestic edible oil crushing industry and oilseed farmers in India, the Ministry of Finance last week increased the import duty on refined and crude palm oil to the highest levels in recent years. In a late-night announcement by the Department of Revenue, the government hiked the import duty on Crude Palm Oil (CPO) to 44 per cent from 30 per cent and on Refined Bleached Deodorized (RBD) palmolein to 54 per cent from 40 per cent with effect from March 1, 2018. There is no change in duty on soft oils.
(Impact: Positive for CPO)
Source : Business line