India seeks to limit imports of refined oil

The Indian edible oil industry has urged the government to increase the import tariff differential between crude and refined grades to curb imports and support domestic refining capacity. The Securities Exporters Association (SEA) on Thursday said edible oil producers have invested heavily in port-based crushing plants to process imported crude oil, creating jobs, but rising imports of refined grades are hurting India’s economic interests. Suppliers in Indonesia and Malaysia are exporting more refined oils than crude, leading to lower capacity utilisation at Indian mills, the SEA said in a letter to Food Minister Pralhad Joshi. The SEA said the existing import tariff differential between crude palm oil and refined palm oil is too narrow to curb rising imports of refined grades. The government should either increase tariffs on refined grades or reduce tariffs on crude palm oil, the SEA said. So far, the country’s authorities have not responded to the call from industry ...