India more than doubles import duties on several vegetable oils
February 16, 2018
India, the world’s largest edible oil importer, more than doubled the import duties on several vegetable oils – such as olive and cottonseed oil – on 1 February.
The full list of crude oils that had their import duty raised from 12.5% to 30% included groundnut, olive, cottonseed, safflower seed, saffola, coconut, palm kernel, linseed, corn, castor and sesame oils, in addition to other fixed vegetable fats and oils, reported India’s Economic Times.
The import duty on refined varieties of the same oils was also raised from 20% to 35%.
The import duty on crude soyabean oil in India was raised in November 2017 to 30%, while crude sunflower and rapeseed oil duties currently stand at 25%.
India imported approximately 14-15M tonnes of edible oils each year to satisfy its domestic demand, the Economic Times said.