India may raise import duties on vegetable oils
India is likely to raise import duties on vegetable oils for the second time in less than six months to support thousands of oilseed farmers hit by falling domestic oilseed prices, two government sources told Reuters on Friday.
The increase in import duties by the world’s largest importer of edible oils could lead to higher local prices for oil and oilseeds, while potentially reducing demand and reducing foreign purchases of palm, soybean and sunflower oil.
In September 2024, India imposed a 20% basic duty on crude and refined vegetable oils. After the revision, crude palm oil, crude soybean oil and crude sunflower oil were subject to an import duty of 27.5% compared to 5.5% previously, while refined grades of the three oils are now subject to an import duty of 35.75%.
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