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India raises import tax on palm oil to highest in 10 yrs to support farmers

The fourth increase in import tax in less than six months would push up domestic edible oil prices and support prices of local oilseeds like soybean and rapeseed

Reuters  |  MUMBAI 

India has raised import tax on crude and refined palm oil to the highest level in more than a decade, the government said in a statement on Thursday, as the world's biggest edible oil importer tried to support local farmers. The duty increase would lift oilseed prices and encourage domestic supply for crushing, helping cap edible oil imports in the 2017/18 marketing year that started on Nov. 1, dealers said. India raised import tax on crude palm oil to 44 percent from 30 percent and lifted the tax on refined palm oil to 54 percent from 40 percent, a government order ...

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First Published: Fri, March 02 2018. 06:55 IST