India PEC buys 10, 000 tons of 24-degree refined palm oil
India's state-owned PEC has bought 10, 000 tons of 24-degree refined palm oil, which will be shipped to the southern ports of Chennai and Tuticorin this month, according to Indian government officials. The price is $706 per ton.
Imported vegetable oil is used in public rationing projects, and PEC has procured vegetable oil shipments for the government of Tamina.
India's trade minister said on November 11th that India is likely to continue to implement a duty-free import tariff policy on gross edible oil to ensure adequate domestic supply.
At present, India only imposes import duties of 7.5% on refined cooking oils.
Industry bodies such as India's oil industry and the Central Trade Organization have been asking the government to raise import tariffs to protect the interests of domestic producers and farmers.
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