Government hikes import duty by 5% on edible oils

• According to a notification of Central Board of Excise and Customs import duty on crude and refined edible oil by 5%
• The crude oil has been raised from 7.5% to 12.5% while the refined edible oilhas been raised from 15% to 20 %.
• As per the statement of SEA Executive Director B V Mehta, the current import duty hike will not support farmers to a great extent. The industry demanded substantial hike in duty of crude edible oil to 25 % and refined oil to 45 %, to support farmers. 
• The country’s 60% of annual edible oil demand of 18-19 million tones is met through the imports from the foreign countries namely, Malaysia and Indonesia.