India has raised the basic import tax on crude palm oil, soyabean oil, and sunflower oil by 20%, effective from September 14, 2024, to support local farmers struggling with lower oilseed prices.
This move will increase the total import duty on crude oils to 27.5% and on refined oils to 35.75%. The tax hike is expected to drive up edible oil prices and reduce demand for imports. India, the world's largest edible oil importer, relies on imports for over 70% of its vegetable oil needs.