SEA seeks hike in import duty on edible oils to check falling prices.

SEA urged the govt to raise import duty on edible oils to check the fall in domestic prices and support farmers. SEA has asked the government to increase the import duty on crude palm oil and soft oils to 20% from the existing 7.5% and 12.5%, respectively. It has also asked for a hike in import duty on palmolein and other refined oils to 35% from the current level of 15% and 20%, respectively. Prices of oilseeds have fallen low and oilseeds are being sold below the MSP in wholesale markets. If no action is taken, farmers would be discouraged to cultivate the oilseeds this year, said SEA.