New Delhi, Jan 10 (KNN)  The government has decided to increase the customs duty on refined edible oil by 2.5 per cent to protect the Indian industry.

The move has been triggered in the face of slack demand.

“The Cabinet Committee on Economic Affairs has approved the proposal for increasing the import duty on refined edible oils of vegetable origin from the existing level of 7.5 per cent to 10 per cent,” said an official notification.

The approval has been given in order to maintain a reasonable differential between import duty on crude and refined vegetable oils to protect the domestic refining industry and domestic farmers, it said.
 
India is the world’s leading buyer of edible oils.
 
Domestic edible oil consumption was pegged at 17-18 million tonne with imports accounting close to 10 million tonne. Indonesia and Malaysia were the key exporting countries with palm oil accounting for nearly 80 per cent of oil imports.  (KNN)