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Pakistan palm oil duty
FEBRUAY 1: Pakistan has no plans to increase duties on edible oil imports in order to protect domestic oilseed production, Agriculture Ministry and industry sources said on Tuesday. "There is no such proposal from our end," a source close to the ministry said from Islamabad. Rumours that Pakistan, a major buyer of Malaysian palm oil, might raise import duties weighed on futures prices on Monday.The Malaysian palm oil market was closed on Tuesday. Traders said this followed speculation that Pakistan might follow India's move in December to raise the import duty on refined edible oils to 27.5 per cent from 16.5 per cent. Farmers are currently sowing sunflower and canola crops,and harvesting will start in April and May. While dismissing the rumour, a leading Karachi-based palmoil importer said edible oil industry representatives met government officials last week to demand that oilseed import duties be raised. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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