India has increased the import duty on vegetable oils, which will increase the pressure on their quotations

The Indian government has increased the basic duty on crude palm, soybean and sunflower oil from 0% to 20%, and on refined palm, soybean and sunflower oil from 12.5% to 32.5%. The move should support oilseed farmers, especially in Maharashtra and Madhya Pradesh, and boost oil exports. Now the effective (full) duty on crude palm, soybean and sunflower oil will increase from 5.5% to 27.5%, and on refined oil - from 13.75% to 35.75%, which will greatly limit oil imports in the near future, especially sunflower, which has risen in price significantly. Asian markets had a day off yesterday, so palm oil prices will only react to the new rules today. On Friday, October palm oil futures on Bursa fell 0.55% to 3,831 ringgit/t or $888/t (-1.7% for the week). In August, the import of edible oils to India decreased by 17% compared to July to 1.53 million tons, in particular palm oil - by 27% to 791 thousand tons, sunflower oil - by 21% to 288 thousand tons, while soybean oil - increased by 16 ...