India plans to again increase the import duty on vegetable oils

2018-01-19 12:10:27
Machine translation
India plans to again increase the import duty on vegetable oils

To support their own products the Indian government is planning the third time in recent months to raise the import duty on palm oil and olein, sunflower and cottonseed oil.

 

it is Expected that this decision on the eve of parliamentary elections in the country, will increase the goodwill of the electorate, particularly farmers, to the current government.

 

in Recent times, India has raised the import duty on palm and soy oil to 30-40% in November 2017. After that, the import of palm oil declined to 100,161 tonnes in November and 107,122 thousand tons in December, the world prices for vegetable oils have started to decline.

 

the Intention of the Indian government to increase duty on the eve of entering the markets of the South American new crop soybeans, as well as against the decision of the European Parliament to ban the use of palm oil in the production of biodiesel can significantly affect the prices of vegetable oils in the near future.