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(EMAILWIRE.COM, March 13, 2013 ) San Francisco, CA -- The domestic prices for cooking oil may start costing a bit more than before due to a recent hike in the amount taxed on the product, warned the Parliament.
The import duty on crude edible oil was raised to 2.5% from 0%, while it remained standard at 7.5% for the refined edible oils.
When asked if the government had assessed the financial impact of the hike, Tariq Anwar, Minister of State for Agriculture, affirmed the move was not without its research. "Yes madam. The import duty of 2.5 per cent on crude edible oils which has been imposed since January 23, 2013 is likely to increase domestic prices by Rs 1.11 per kg," he said in a written reply to the Lok Sabha.
Still, he made a point to clear up that there was no proposal to increase the duty upon the import of crude edible oil. Meanwhile, Solvent Extractors Association has expressed a concern over the cheaper imports of refined palm oil and looked to increase its duty on refined palmolein to 10% for existing 7.5% .
For the most domestic refining industry to survive, there has been a duty of 7.5% (at minimum), the association stated.
Currently the country has an annual refining capacity of 20 million tons, while India meets nearly half of its edible oil requirements through its imports from Malaysia and Indonesia.
The country now has a total vegetable oil import that reach 2,766,088 tons. That constitutes a 26% rise in the first quarter of the current marketing year that spanned October and November.
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Benjamin Wrights
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Source: EmailWire.com
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