AreaIndia
Commodity GroupOilseeds, oils and meals
CommoditySoy oil and palm oil
Date01/10/2014
Policy CategoryTrade
Policy InstrumentImport tariff
DescriptionRaised official tariff for soybean oil, lowered for crude and refined palm olein, and left unchanged for crude palm oil.
NotesIn October, the official tariff was raised for soybean oil , lowered for crude and refined palm olein, and left unchanged for crude palm oil. Used as reference prices for calculating import levies, tariff values are adjusted periodically to ensure that they reflect changes in international benchmark prices. With regard to tariff rates, the countrys industry reiterated its calls for higher import duties on edible oils, claiming that recent import surges have led to marked drops in local market prices, hurting the refining industry as well as farmers. Indias Food Ministry was reported to be in favour of raising the tariffs for crude and refined edible oil from their current level of 2.5% and 10% respectively. A government official didnt exclude a hike in import duties of more than 5 percentage points, adding that the final decision would rest with the Finance Ministry.
