The Hindu : Business : Duty on palm oil raised

Online edition of India's National Newspaper
Wednesday, Feb 16, 2005

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Business

Duty on palm oil raised

By Our Special Correspondent

NEW DELHI, FEB. 15. The Centre has increased the customs duty on various kinds of palm oils, including palmolein by 15 percentage points with immediate effect, while scaling down the prescribed tariff values on these specified edible oils in keeping with the fall in their prices in the international markets.

Consequent to the reduction in tariff values, which are routinely prescribed by the Government for the purposes of determining the customs duty payable on specified goods including these edible oils, the customs duty had to be commensurately hiked to take care of the interests of farmers as well as consumers, a Finance Ministry statement here said.

Following the reduction in international prices, the tariff value of crude palm oil has been lowered to $400 from $454 a tonne, for RBD palm oil to $415 from $489 and for other palm oils to $410 from $471 a tonne.

Similarly, the tariff value of crude palmolein has been slashed to $412 a tonne ($479 earlier), while that for RBD palmolein and other palmolein varieties have been scaled down to $425 and $420 from $497 and $488 a tonne, respectively.

Accordingly, to maintain the equity, the customs duty on crude palm oil and its fractions has been raised from 65 per cent to 80 per cent.

For other palm oils, which include RBD palm oil and RBD palmolein, the duty has also been hiked from 75 per cent to 90 per cent, the statement added.

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