| Date: |
27-09-2014 |
| Subject: |
India may raise import duty on vegetable oils next month: Analyst |
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NEW DELHI: India may raise import duties on vegetable oils after the peak festival season gets over in October, leading analyst Thomas Mielke said on Friday.
The country's refiners have been pitching for raising the duty on edible oils as local oilseed prices have fallen due to surge in shipments of cheaper palm oil.
The nation will celebrate host of festivals in October including Diwali, the festival of lights.
Local soybean prices would plunge near support prices due to bumper global output and force the government to raise import duty on edible oils, said Mielke, editor of Hamburg-based newsletter Oil World, at an industry conference Globaoil India.
Last month, the country's vegetable imports hit a record 1.3 million tonnes, helped by the highest ever soyoil imports on expectation of a poor soybean harvest.
Source : economictimes.indiatimes.com
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