5% duty hike mooted on refined palm oil from Malaysia

refined palm oil Malaysia

New Delhi, Aug 27 (IANS) The Directorate General of Trade Remedies has recommended to raise custom duty by 5 per cent on the import of “Refined Bleached Deodorised Palm Oil” and “Refined Bleached Deodorised Palmolein” from Malaysia.

Accordingly, the DGTR’s Bilateral Safeguard Investigation notification “recommended an increase in rate of customs duty on imports of subject goods originating in Malaysia by 5 per cent, for a period of 180 days which is considered appropriate to safeguard the interest of domestic industry”.

The product also known as RBD palm oil and RBD Palmolein is refined, bleached and deodorised form of palm oil which is extracted after crushing palm fruit. It is commonly used to formulate trans-free fats such as margarine, shortening and vegetable ghee.

It was noted that on Jan 1, 2019, the customs duty differential between Crude Palmolein oil (CPO) and RBD Palm oil and RBD Palmolein was reduced by 5 per cent.

“This reduction in customs duty differential has resulted in significant increase in subject imports from Malaysia with consequent decline in imports of crude palm oil,” the Department of Commerce under the Ministry of Commerce & Industry said in the notification.

Total
125
Shares
Related Posts