February 1, 2020 / 9:07 AM / 2 months ago

India raises import tax on crude palm oil to 44%

MUMBAI, Feb 1 (Reuters) - India has raised import tax on crude palm oil to 44% from 37.5%, a government notification said on Saturday, as the world’s biggest palm oil importer tries to boost local oilseed production.

The hike in import duty on palm oil could prompt buyers to increase purchases of rival edible oils such as soyoil and sunflower oil, traders said. (Reporting by Rajendra Jadhav Editing by Shri Navaratnam)

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