The hike is to the tune of 22 per cent. The duty has been raised from 5.5 per cent on crude oils to 27.5 per cent while that for refined oils is up from 13.75 per cent to 35.75 per cent.
Around 95 per cent of palm and sunflower oil requirements are imported and around 70 per cent of soybean oil is also imported.
Overall, India meets 60-70 per cent of its vegetable oil demand through imports. Palm, sunflower and soybean oils make up 25 per cent, 19 per cent and 23 per cent of edible oil consumption by value. Palm oil constitutes about 55-60 per cent of edible oil imports by value and volume.
About 95 per cent of India's palm oil requirement is met through imports from Indonesia, Malaysia, and Thailand. A similar proportion of sunflower oil requirement is met through imports from Ukraine, Argentina, Russia and Brazil. About 70 per cent of India's soybean oil requirement is imported.
This story is from the September 18, 2024 edition of Business Standard.
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This story is from the September 18, 2024 edition of Business Standard.
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