Indian government hiked The import duties on cooking oil in a bid to support domestic farmers. The import tax on crude palm oil has been hiked to 30 per cent, said a government order issued on Friday, which is twice what was charged earlier. Meanwhile, On the duty on refined palm oil has been increased to 40 per cent from 25 percent earlier. India is the world's biggest importer of edible oil.
As per the government order, the import tax on crude soy oil coming to India, which earlier was 17.5 per cent, has been raised to 30 per cent. Meanwhile, the import tax on refined soy oil has been to 35 percent from 20 percent earlier, the order said. Bulk of India's palm oil imports come mostly from Indonesia and Malaysia, whereas soy oil is mostly imported from Argentina and Brazil.