Import Tax On Crude Palm Oil

The government has also received petitions from the industry to raise the import tax to help prop up falling oilseed prices, says a source

A notification in this regard has been issued by the finance ministry. The duty cut has been made under the ASEAN agreement and the India-Malaysia Comprehensive Economic Cooperation Agreement, it said

India imports palm oil mainly from Indonesia and Malaysia

Lower imports by such a major buyer could also weigh on prices for producers of palm oil