CommoditiesMarket Trends

The Government Of India Is Planning To Increase The Import Tariff On Palm Oil

Indian government is planning to increase the Import duties on palm Oils. in the start of the year, the Indian government Prohibited the basic Import tariff on palm oil just to keep the low oil prices in the country. 

India is taking the 12.5 percent Import taxes on bleached, refined, and deodorized palm oil. 

According to the latest news, some government sources propose a proposal to bring back the import taxes on palm Oil. the second government source said that we got a petition from the verified industries to bring back the import taxes on palm oils.

The executive director of the Solvent Extractors’ Association “BV Mehta” stated in a statement that in the past few months, the price of Soyabean & Groundnut is crashed because of the high supply. Even there are some crops that are being sold below their Actual (MSPs). 

Our trade data shows that India has completed their demand for palm oil through Indonesia, Brazil, Malaysia, Russia, Argentina, and Ukraine. Palm Oil is still taking two-thirds of the total India Vegetable oil Import.

Enough for now, Stay tuned with Exim Trade Data 

Share with others!

Leave a Reply

Your email address will not be published. Required fields are marked *