India Seen Raising Cooking Oil Import Taxes to Guard Growers
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India, the largest cooking oil consumer after China, will probably increase taxes on imports to shield oilseed farmers from cheap palm supplies from Indonesia and Malaysia, according to a trade group. Futures declined.
The government may raise the tariff on unprocessed oils to 10 percent from 2.5 percent in the federal budget next week, while the tax on refined varieties could increase to 20 percent from 7.5 percent, B.V. Mehta, executive director of the Solvent Extractors’ Association of India, said in a phone interview.