India raises import tax on crude palm oil to 44% from 37.5% earlier

The hike in import duty on palm oil could prompt buyers to increase purchases of rival edible oils such as soya oil and sunflower oil, traders said

India has raised import tax on crude palm oil to 44 per cent from 37.5 per cent, a government notification said on Saturday, as the world's biggest palm oil importer tries to boost local oilseed production.

The hike in import duty on palm oil could prompt buyers to increase purchases of rival edible oils such as soyoil and sunflower oil, traders said.