Commodity News

Import duty hiked for Palm Oil

The government has taken a wise step to restrict the cheaper imports of palm oil from Malaysia and Indonesia by raising the Import Duty on crude palm oil to 15 per cent from 7(point)5 per cent and on refined to 25 per cent from 15 per cent. This step has been taken in the wake to curb cheaper shipments and boost local prices for supporting domestic farmers and refiners.

The Central Board of Excise and Customs in New Delhi issued the notification to this effect. The import duties on other crude edible oils like soya and sunflower have also been hiked to 17.5 per cent from existing 12.5 per cent.

The hike in import duty of crude and refined palm oil will benefit farmers which are in distress due to fall in prices of oilseeds below minimum support price because of bumper production. The move is also expected to give a boost to sowing of oil seeds in the ongoing season.

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