SEA wants further hike in import duty on refined oil
The edible oil industry on Thursday said the recent increase in customs duty on refined edible oils by 2.5% would not help curb imports and demanded further hike in duties to protect the domestic processors. The Cabinet's decision of a meager increase by 2.5% to 10% in customs duty on RBD Olein will not be of much help to Indian domestic refineries and RBD Olein will continue to be imported as before," Solvent Extractors' Association (SEA) chief Vijay Data said in a letter to members. Import duty on crude edible oil is 2.5%. "The present hike will help the industry come out from ICU to hospital ward but will not make the industry healthy," Data said. "I will appeal to the government to create a larger duty difference (between crude and refined edible oils) at least of 10%," he added.