Amid a declining trend in domestic edible oil prices, vegetable oil industry body Solvent Extractors Association (SEA) has favoured a raise in import duty. “Domestic prices of vegetable oils have fallen in the last two months due to a crash in the international market.
We, therefore appeal to the government to revisit the import duty structure and if necessary, not hesitate to raise the duty,” SEA President Ashok Sethia said in a statement.
SEA is also to discuss the issue in its annual general meeting later this week. “We will discuss this issue at our AGM on September 26. We will write to the government for reviewing import duty on edible oils to protect farmers’ interests,” SEA Executive Director B V Mehta said.