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Govt likely to raise base import price of refined vegoils: Source |
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NEW DELHI: India is likely to raise the base import price of refined vegetable oils to protect the domestic refining industry from cheaper imports after Indonesia altered its tax structure, government sources said on Monday.
The country calculates import duty based on the base price and has not raised prices since 2006. The current base import price for refined palm oil is $484 per tonne.
Indonesia, the world's top palm oil producer, has cut the export tax on refined palmolein and raised the tax on overseas sale of the crude variant to boost sales of finished products, hurting domestic refining industry in countries such as India.
India's imports of refined palm oil in November to April surged 89 percent on year, data released by the Solvent Extractors Association, a Mumbai-based trade body, showed this month.
Source : economictimes.indiatimes.com
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