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India Mulls Restricting Refined Palm Oil Imports

2 Dec 2019 4:34 pm
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MUMBAI (Commoditiescontrol) - India is mulling imposing new restrictions on refined palm oil imports to curb purchases and boost the local edible oil industry, as per a Bloomberg report.

The government is looking to move away from current regulations that don’t stipulate unit sizes on refined imports to setting standard import units at five-liter containers, said the person with direct knowledge of the matter.That would increase costs for many buyers, and fits into the government’s strategy to cut edible oil imports and double farmers’ income by 2022, the person said.

Discussions on the refined palm oil proposal between various government departments are at an advanced stage, the person said. The commerce ministry’s spokesperson was not immediately available to comment, while the agriculture ministry’s spokesperson declined to comment. 

The new rule is likely to come into force from January, when import duties on some edible oils will automatically change due to India’s existing agreements with some regional associations and countries, the person said.

 

 


       
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