Demand of increasing custom duty on imported edible oils from the oil industry, the Indian government raised the customs duty on imported edible oils a few days before the Union budget was presented. A concession was offered to the vanaspati makers in the country who were allowed to import crude palm oil (CPO) at a duty-rate of 16.59 per cent. Edible oil trade organization are anticipating another hike in the customs duty on imported edible oils. Refined edible oils, notably palmolein, carried the highest customs duty of 38.50 per cent. There has been a massive rise in imports of crude oil, mainly crude palm oil whose imports between last November and this March rose to over 137,000 tonnes from nil imports during the corresponding period in ’98-99, as reported from Bangalore Market Sources. |
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