India extends policy to import refined palm oil at lower duty of 13.75%

The duty cut made refined palm oil imports lucrative for Indian refiners, which traditionally prefer to import crude palm oil

India extended a policy to import refined palm oil at a lower duty and allowed imports of 51,000 tonnes of cotton at nil duty in 2023, the government said in a notification late on Thursday.

The concessional duty structure for the refined palm oil had been due to expire on December 31. It has been extended "until further orders," the government said.
 

In December 2021, India cut basic import tax on refined palm oil and brought down the total taxes on their imports to 13.75% from 19.25% earlier.
 

The duty cut made refined palm oil imports lucrative for Indian refiners, which