The Centre has raised import duty on crude palm oil to 30% from 15% and on refined oil to 40% from 25%. This step has been taken in a bid to curb cheaper shipments and boost local prices for supporting farmers and refiners. As per notification released by the Central Board of Excise and Customs (CBEC), import duty on soyabean oil, sunflower oils, canola/mustard oils -- both crude and refined format -- has been raised.
The import duty on crude soyabean oil has been increased to 30% from 17.5%, while refined soyabean oil has been raised to 35% from the current 20%. The import duty on crude sunflower oil has been increased to 25% from 12.5%, while that on refined sunflower oil has been increased to 35% from 20%.
Further, import duty on crude canola/rapeseed/mustard oils has been increased to 25% from 12.5%, while the tax on refined crude canola/rapeseed/mustard oils increased to 35% from 20%.