India’s Veg Oil Imports Down in February

India’s vegetable oil imports in February declined 9% from a year ago to 1,157,044 MT, according to figures released by the Solvent Extractors’ Association of India.  Imports of the commodity in the November 2017 to February 2018 period rose 2% to 4,785,778 MT from  same period year-ago. 

On March 1, the government increased import duty on crude palm oil (CPO), RBD palmolein and RBD palm oil.  Import duty on CPO was increased  to 44% from 30% (effective duty 48.4%) while that for RBD palmolein and refined palm oil was raised to 54% from 40% (effective duty 59.4%).  No change were made for sunflower oil, rapeseed oil and soybean oil.  

The association welcomed the increase in duty but said the government has missed the opportunity to provide a 15% duty difference between crude and  refined oils, as requested by the association, to encourage domestic refining industry and promote “Make in India”.