SEA Urges Government To Hike Import Duty On Refined Palm Oil To 40%
The Solvent Extractors’ Association of India has urged the government to raise import duty on refined palm oil to 40% from 32.5% to protect domestic processors. SEA President Sanjeev Asthana said cheaper imports, encouraged by Malaysia and Indonesia’s export policies, are hurting Indian refiners. India imports over 50% of its edible oil requirements.
Edible oil industry body SEA has demanded that the government should raise import duty on refined palm oil to 40% from the current 32.5% to protect the domestic processing industries. Solvent Extractors’ Association of India President Sanjeev Asthana has written a letter to Union Food and Cosnumer Affairs Minister Pralhad Joshi requesting him to raise import duty difference between CPO and RBD Palmolein for providing levelplaying field to domestic refining industries.
“This import of finished goods is contrary to our national interests and is seriously affecting the capacity
utilisation of our palm refining industry,” Asthana said, adding that the refined palmolein is cheaper by $50 per tonne currently.
“The main reason for rise in palmolein imports is the encouragement given by exporting countries (Malaysia and Indonesia) to their industry. They have kept high export duties on CPO and low export duty on palmolein (finished prduct),” he said.
Asthana urged the minister to increase RBD palmolein duty from current level of 32.5% to 40%.
Effective Sept. 14, 2024, the Basic Customs Duty on Crude Soybean Oil, Crude Palm Oil, and Crude
Sunflower Oil has been raised from zero to 20%, making the effective duty on crude oils to 27.5%.
Additionally, the Basic Customs Duty on Refined Palm Oil, Refined Sunflower Oil, and Refined Soybean Oil
has been increased from 12.5% to 32.5% making the effective duty on refined oils at 35.75%.
India meets more than 50% of its edible oil requirement through imports
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Source : NDTV Profit
