Import duty on crude palm oil for soap to see five-fold rise.
Economic Times (New Delhi, India), October, 2005
Byline: Nidhi Nath Srinivas
Oct. 5--NEW DELHI -- Crude palm oil meant for soap will now pay five times more import duty as the government plugs misuse by the vanaspati industry. The move will immediately benefit branded players like Rath and Bunge as market prices are rising by Rs 2/kg to factor in the new duty. The improvement in margins couldn't be better timed with the festival season just weeks away.
But the biggest gainers will be Sri Lankan exporters as their vanaspati will now fetch higher prices in the Indian market. The local vanaspati market has been coping with serious discounting due to zero duty imports from Sri Lanka and price undercutting by local manufacturers importing CPO (crude palm oil) under the guise of soap manufacture.
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