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Kitchen budget may deteriorate, government may increase import duty on vegetable oils
Oil Price: The government is considering increasing import duty on vegetable oils. The government may take this step in the coming weeks to help farmers troubled by low prices of oilseeds. In July, India's vegetable oil imports increased by 22.2 tonnes to 19 lakh tonnes. India meets more than 70 percent of its vegetable oil demand through imports.
The government is considering increasing import duty on vegetable oils. The government may take this step in the coming weeks to help farmers troubled by low prices of oilseeds. If the government does this, foreign purchases of palm oil, soy oil, and sunflower oil may decrease.
An official, on condition of anonymity, said that we are exploring all options to help farmers. Increasing import tax is also included in it. In July, India's vegetable oil imports increased by 22.2 tonnes to 19 lakh tonnes. This is the second-highest import ever. India meets more than 70 percent of its vegetable oil demand through imports.
It primarily purchases palm oil from Indonesia, Malaysia, and Thailand, and imports soybean oil and sunflower oil from Argentina, Brazil, Russia, and Ukraine. The Ministry of Agriculture has submitted a proposal in this regard, and the Revenue Department under the Ministry of Finance will make the final decision. When asked for a response in this regard, a department official declined to comment.
