Govt hikes import duty on crude, palm oil

Govt hikes import duty on crude, palm oil

The government on Friday hiked the import duty on crude palm oil to 15 per cent from 7.5 per cent and on refined to 25 per cent from 15 per cent to curb cheaper shipments and boost local prices for supporting domestic farmers and refiners.

The import duties on other crude edible oils like soya and sunflower have been raised to 17.5 per cent from 12.5 per cent, according toanotification issued by the Central Board of Excise and Customs.

The hike in import duty of crude and refined palm oil will help restrict cheaper imports from Malaysia and Indonesia and benefit farmers which are in distress due to fall in prices of oil seeds below minimum support price because of bumper production.

The Business Standard, New Delhi, 12th August 2017

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