Govt slashes import duty on crude, refined palm oil, move to hurt refiners

The government on Wednesday slashed import duty on refined palmolein from 50 per cent to 45 per cent, while that on crude palm oil (CPO) from 40 per cent to 37.5 per cent with immediate effect, a move that the industry opposed saying it will hurt domestic refiners.
 
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. Opposing the move, the Solvent Extractors' Association of India (SEA) said that after the reduction in import duty, the tax