The Centre is likely to cut the import duty on crude palm oil (CPO) by 10 per cent next week from 75 per cent. The food ministry has recommended this move to help vanaspati manufacturers.
Official sources told Business Standard that the decision was taken to help the vanaspati manufacturers since they were reeling under low production and pressures of cheap imports from Nepal. Till 2000-01, the vanaspati industry had access to cheaper RBD palmolein and CPO as they got the oils at a concessional duty of 55 per cent.
However, agriculture ministry is not very happy with the move since it says that
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