India cuts refined palm oil import duty and extends free import policy to December 2022
India slashed the import duty on refined palm oil and extended the import free policy on the product from December 2021 expiry to December 2022, allowing for the prospect of greater refined product imports. India mainly imports refined palm products from Indonesia and crude from Malaysia.
Indian slashed its RBD palm oil and RBD palm olein based import duty from 17.50% to 12.50% effective 21 December in an announcement made late yesterday, making the new effective duty at 13.75% after adding the 10% of the Social Welfare tax.
CPO futures traded higher in the night session on Bursa Malaysia reacting to the announcement.
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