India, the world's biggest importer of vegetable oils, is considering raising its import duty on palm oil to help support local farmers reeling from a crash in domestic rapeseed prices, government and industry officials said on Monday.
The increase in the tax on palm oil could lift local prices, making the tropical oil a little less competitive than rival soyoil and sunflower oil.
"We have proposed an increase in import duty on palm oil to support rapeseed prices," said a government official, who declined to be named in line with official rules. "Rapeseed supplies from the new season are putting pressure on prices, which have fallen below MSP ," said the source referring to the government-set rate which acts like a benchmark for the domestic market.
If commodity prices fall below MSPs, the government usually tries to help prop up rates to protect farmers. In spot markets, rapeseed prices were around 5,000 Indian rupees per 100 kg, below the government-fixed price of 5,450 rupees per 100 kg.
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