India's bid to support local farmers, raises import tax on crude, refined soft oils
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 on crude canola oil and sunflower oil to 35 percent from 25 percent. Import duty on refined soyoil, canola oil and sunflower oil was raised to 45 percent from 35 percent.
In March, India raised its import tax on crude palm oil to 44 percent from 30 percent and lifted the tax on refined palm oil to 54 percent from 40 percent. Image source: Reuters