Palm oil prices see 6% jump even after import duty cut | Business – Times of India Videos

Prices of palm oil have seen more than 6 per cent of rising even after the announcement of a reduction in import tax by the government. Higher palm oil prices could weigh on Indian demand and may prompt the government to refrain from cutting import taxes further as the price rise highlighted the limitation of duty reduction. “As soon as India cut the duty, international suppliers raised prices,” said BV Mehta, executive director of the Solvent Extractors’ Association of India (SEA), a trade body of Indian vegetable oil refiners and traders. India cut import tax on CPO as domestic prices nearly doubled in the past year, hitting consumers already stung by record fuel prices and reduced incomes amid the Covid-19 pandemic.