News

India's import of CPO expected to rise

By Shakir Husain

NEW DELHI, Sept 5  -- Imports of crude palm oil (CPO) by India is expected to rise following the 5.0 per cent tax hike on refined palm oil from Malaysia.

Mumbai-based Solvent Extractors' Association of India said it was grateful to the government "for realising the grave situation" of the domestic palm oil refining sector.

It said the Indian oilseed crushing industry welcomed the tax hike as a measure to support domestic refiners.

India, on Wednesday, raised the tax on refined palm oil from Malaysia to 50 per cent from 45 per cent for six months to curb imports and boost local refining.

The 5.0 per cent safeguard duty on imports of refined palm oil from Malaysia, taking the customs levy to 50 per cent for six months, was imposed by the Indian Finance Ministry following a recommendation from the Commerce Ministry.

The world's biggest importer of edible oil applies 40 per cent import duty on CPO irrespective of its origin, while refined palm oil from Malaysia earlier enjoyed a concession of 5.0 percentage points under the Malaysia-India Comprehensive Economic Cooperation Agreement.

Indian oilseed crushers had complained that the lower duty had resulted in a sharp increase of refined palm oil products from Malaysia.

The Indian Finance Ministry, in a statement, noted that "this increase in import at low prices has led to idling of significant capacities of the domestic industry during the period of investigation."

-- BERNAMA

 

 

 

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