Centre hikes import duty on crude & refined edible
oil
26/12/2014 15:29
According to media reports, the government has raised the import duty on both crude and refined edible oil in a bid to protect domestic farmers and oil processers against a slide in global oil prices. The move to hike the import duty on edible oil is likely to lead to a rise in retail prices, experts say. A Notification issued by the Central Board of Excise and Customs (CBEC) said that the customs duty on crude oil has been raised by 5 per cent from 2.5 per cent to 7.5 per cent while the sale on refined edible oil was hiked to 15 per cent from 10 per cent earlier. The country’s vegetable imports climbed by 12 per cent to hit a record high of 11.82 million tonnes in the marketing year ending October 2013-14 amid rising domestic consumption and low prices of cooking oils in global markets. India relies on imports to meet about 60 per cent of its annual domestic demand of vegetable oils (which include edible and non-edible oils) of about 19 million tines.
26/12/2014 15:29
According to media reports, the government has raised the import duty on both crude and refined edible oil in a bid to protect domestic farmers and oil processers against a slide in global oil prices. The move to hike the import duty on edible oil is likely to lead to a rise in retail prices, experts say. A Notification issued by the Central Board of Excise and Customs (CBEC) said that the customs duty on crude oil has been raised by 5 per cent from 2.5 per cent to 7.5 per cent while the sale on refined edible oil was hiked to 15 per cent from 10 per cent earlier. The country’s vegetable imports climbed by 12 per cent to hit a record high of 11.82 million tonnes in the marketing year ending October 2013-14 amid rising domestic consumption and low prices of cooking oils in global markets. India relies on imports to meet about 60 per cent of its annual domestic demand of vegetable oils (which include edible and non-edible oils) of about 19 million tines.
