Import duty on non-palm oils hiked by 5-10%

Palm oil imports might remain under pressure this month too, helping soyoil and sunflower oil gain market share

India’s palm oil imports in May plunged 38 per cent from a year earlier to their lowest in nearly four and a half years, as higher import tax on the tropical oil made it more expensive, a trade body said on Thursday.

However, the fall in import of palm oil has been offset by much higher import of other varieties of oil like soyoil, rapeseed oil and sunflower oil, as duty on these soft oils is lower. Importers and traders, including refineries, are importing more soft oils as the government is expected to announce a hike in duty.

According to trade officials,