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India raises veg oil import taxes to protect farmers

Reuters  |  NEW DELHI 

By Mayank BhardwajNEW DELHI (Reuters) - India, the world's biggest buyer of vegetable oils, has raised import taxes on crude and refined edible oils to protect local oilseed farmers from cheaper imports from top suppliers Malaysia and Indonesia.The increases were shown in an order uploaded on a government website late on Friday.New Delhi doubled the import tax on crude palm oils to 15 percent and raised the import tax on refined palm oils to 25 percent, increasing the differential in duty by 10 percentage points to encourage local processing.The government also raised the import tax on crude ...

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First Published: Fri, August 11 2017. 23:38 IST