India plans to raise import duties on oil for the second time in six months

India plans to raise import duties on vegetable oils to support local oilseed producers hit by falling domestic prices, government sources said, adding that the move could push up domestic prices of oilseeds and oilseeds and reduce imports of palm, soybean and sunflower oils.

It is worth noting that the planned tariff hike will be the second in the last six months. In September 2024, India introduced a 20% basic tariff on crude and refined oil, as a result of which the import duty on crude (palm, sunflower and soybean) oil increased from 5.5% to 27.5%, and on refined oil - to 35.75%.