India has raised the base import price of crude palm oil (CPO) by nearly 80 percent, a move that may neutralise cuts in export duty by producers but boost buying refined oil.
India, the world’s top importer of vegetables oils importing mainly from Malaysia and Indonesia, last week slapped a 2.5 percent import tax on CPO and lifted a six-year-old freeze on base import prices, the benchmark to calculate import taxes of edible oils.
The measures are set to increase current prices of imported CPO by about 1,141 rupees ($21.25) per tonne, traders said.
“Palm oil sellers have already lowered prices by about $20 per tonne reacting to India’s move to make imports costlier,” said Sandeep Bajoria, chief executive of the Mumbai-based Sunvin Group, an importer of edible oils.
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