NEW DELHI – The Indian government has reduced its import duty on crude palm oil (CPO) from 15% to 10% amid high domestic edible oil prices.
The new rate will be effective from June 30 to September 30 this year, according to a notification yesterday.
The effective import duty on CPO – which includes an agriculture development cess and a surcharge – has now come down to 30.25% from 35.75%, said Sudhakar Desai, president of the Indian Vegetable Oil Producers’ Association.
The country also announced it will freely allow the import of RBD palm olein, almost 18 months after the government put refined palm oil products under the restricted category.
India’s Commerce Ministry said imports of RBD palm olein (refined, bleached and deodorised form of palm oil) will be allowed without restrictions until the end of December this year.
RBD palm olein can be imported through all ports except those in the southern state of Kerala.
The consumer prices of edible oils in the domestic market have gone up significantly in the past year.
India is dependent on imports for nearly 70% of its edible oil requirements.
It imported 769,602 tonnes of palm oil in May, including 392,129 tonnes of CPO and 1,500 tonnes of refined, bleached and deodorised palm olein from Malaysia, according to Mumbai-based industry group Solvent Extractors’ Association. – Bernama, June 30, 2021
