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India raises import tax on crude, refined soft oils

Reuters  |  MUMBAI 

By Rajendra JadhavMUMBAI (Reuters) - India's government on Thursday raised import tax on crude and refined soyoil, sunflower oil and canola oil to the highest level in more than a decade, as the world's biggest edible oil importer tried to support local farmers.The hike will make palm oil competitive in the Indian market and reduce the flow of soft oils like sunflower and canola in coming months, boosting local producers.India relies on imports for 70 percent of its edible oil consumption, up from 44 percent in 2001/02.India raised import tax on crude soyoil to 35 percent from 30 percent, and ...

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First Published: Thu, June 14 2018. 20:13 IST