The Indian Vanaspati Producers Association (IVPA) has criticised the imposition of the 20 per cent import duty on crude soyoil, saying it would lead to inflation and offset the impact of decline in international prices “that brought much relief to consumers”.
In a statement issued here on Wednesday, the IVPA Secretary General, Mr S.P. Kamrah, said the move to clamp the duty was “uncalled for”, as oilseeds prices were still ruling above the minimum support price (MSP) levels and “growers are being wrongly portrayed as being affected”.
Mr Kamrah further said the decision to hike the customs duty on crude soyoil from nil to 20 per cent, while retaining the same at 7.5 per cent on refined soyoil, has created an inverted duty structure. This will mean that refined soyoil will start coming into the country, instead of crude oil, thereby affected domestic refineries.
Source : Moneycontrol.com