Govt raises import duty on palm oil, soyoil to support farmers

India doubled the import tax on crude palm oil to 30 per cent, while the duty on refined palm oil has been raised to 40 per cent from 25 per cent earlier, the government said in an order late on Friday, as it tries to support local farmers.

The world's biggest importer of edible oils also raised the import tax on crude soyoil to 30 per cent from 17.5 per cent earlier. It raised the import tax on refined soyoil to 35 per cent from 20 per cent earlier, it said.

India imports palm oil mainly from Indonesia and Malaysia and soyoil from Argentina and Brazil.