India's palm oil imports have been rising since December 2020 after the country had cut its import tax on the oil to 27.5 per centin late November.
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Symbol: CPO| Contract: May, 2021| Category: Oil & Oil Seeds
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Some traders had been hoping state-run trading firms could buy refined palm oil for the public distribution system by floating tenders, but this does not seem to have materialised. "No one is buying Malaysia's crude palm oil (CPO) or palmolein for February shipments. There are no open tenders from state agencies yet," said a Kuala Lumpur-based trader.
The government has raised the import tax on crude edible oils and refined oils by 5 percentage points each to protect local farmers from rising imports from Malaysia and Indonesia.
Food Minister Ram Vilas Paswan has said that his ministry wants to double the import tax on crude edible oils and raise that on refined oils by 50 per cent, but is waiting for other ministries to give their views before passing its recommendation to the Cabinet.
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