India, being the world's largest importer of vegetable oils this year decided to support local farmers.

India doubled its import duty on unrefined palm oil, bringing it to 30%. The duty on refined palm oil increased from 25% to 40%.

Import duty on crude soybean oil increased from 17.5% to 30%, and refined from 20% to 35%.

Indian refiners long struggle with cheaper imports from Indonesia, Malaysia, Brazil and Argentina, which decreases the demand for local rapeseed and soy. Second, less than three months increase of import tariffs should support the domestic market.

Covers India imports 70% of its needs in vegetable oils (44% in 2001/02). According to specialists, even after the increase in fees projected for the 2017/18 season import will be decreased from 15.9 million tons to only 15.5 million tons. Last season, India imported 15 million tonnes of vegetable oils.

Duty on crude sunflower oil rose from 12.5% to 25%, and refined from 20% to 35%.

The duty on crude rapeseed oil also increased from 12.5% to 25%, and refined from 20% to 35%.

The duty on soybeans increased from 30% to 45%.

Photo: agroinvestor.ru