Indians pay over 60 per cent in taxes on palm oil
May 16, 2021
This file picture taken on December 2011 shows harvested palm oil fruits at a plantation in Medan - AFP
This file picture taken on December 2011 shows harvested palm oil fruits at a plantation in Medan - AFP×
The burden for the consumer has increased further with India raising the tariff rate
Indian consumers are paying ₹60 in taxes and levies for buying palm oil worth ₹100 with Indonesia, from where India imports much of its palm oil, increasing its export tax further in May.
According to market reports, Indonesia increased its export tax on crude palm oil to $144 per tonne in May from $116 per tonne in April. Besides, its export levy too went up significantly higher from $55 to $255 per tonne early this year.