We welcome the announcement on 1st March of substantially increasing the import duties on Crude Palm Oil from 30% to 44% as well as Refined Palmolein& Refined Palm Oil from 40% to 54%, stated The Solvent Extractors' Association of India (SEA). We had been representing to the Government to increase duties on imported oils as our dependence on them has reached alarming levels of almost 70% of our consumption. We are happy at this hike, added SEA.
Import duty as on 1stMarch, 2018
Edible Oils Duty Social Welfare Cess Effective44% 10% 48.4%RBD Palmolein& Refined Palm Oil 54% 10% 59.4%Crude Soybean Oil 30% 10% 33.0%Crude Sunflower Oil 25% 10% 27.5%Crude Rapeseed Oil 25% 10% 27.5%Refined Soybean Oil 35% 10% 38.5%Refined Sunflower Oil 35% 10% 38.5%Refined Rapeseed Oil 35% 10% 38.5%Crude Cottonseed Oil 30% 10% 33.0%Refined Cottonseed Oil 35% 10% 38.5%
While, we welcome this increase in duties we are surprised at singling out Palm only for increase in duties. This looks grossly unfair and may defeat the objective of doubling farmers income by raising domestic values of all oils. With mustard crop getting harvested our farmers will feel cheated if import duties on Soya, Sun and Canola oils are not increased in same proportion as Palm oils. Needless to mention it would be difficult to encourage oilseeds farmers to grow more oilseed and augment their income if duties on these oils are not raised.