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NEW DELHI (Reuters) - India is likely to raise import duty on refined and crude vegetable oils, like palm and soyoil, as local oilseed prices slumped below the government support levels, a government official told Reuters on Thursday.
Local oilseed crushers are struggling to compete with cheaper edible oil imports from Indonesia, Malaysia, Brazil and Argentina, reducing demand for local rapeseed and soybeans, even after prices tumbled by a third over the past 14 months.
India, the world's biggest palm and soybean oil importer, now relies on imports for 70 percent of its edible oils, up from 44 percent in 2001/02.
Reporting by Mayank Bhardwaj; Editing by Malini Menon