India has responded to Mahatir's Zakar Tak Naik Nonsense by raising 5% import tax

India imports palm oil mainly from Indonesia and Malaysia.

India raises import tax on Malaysian refined palm oil by 5%. Refined palm oil imports could fall from October, says importer.

India has raised the tax on refined palm oil from Malaysia to 50 per cent from 45 per cent for six months to curb imports and boost local refining. The world's biggest edible oil importer currently imposes a 40 per cent import tax on crude palm oil and 50 per cent on refined palm oils.

But since January, shipments of refined palm oils from Malaysia have been taxed at 45 per cent, under an agreement with Malaysia. This reduced the effective difference in duty between crude palm oil and refined palm oil from Malaysia for Indian refiners to 5.5 per cent from 11 per cent, making overseas buying of refined palm more lucrative. 

5% duty mooted on Malaysian palm oil imports. India said the 50 per cent duty on refined products would be applicable until March 2, 2020. The hike in duty on refined palm oil will prompt Indian buyers to switch to crude palm oil, said Sandeep Bajoria, chief executive of the Sunvin Group, a Mumbai-based vegetable oil importer. “Importing refined palm oil is no longer attractive.

From October imports of CPO could rise and refined palm will go down,” he said. India imports palm oil mainly from Indonesia and Malaysia. Indonesia traditionally claimed two-thirds of India’s palm oil imports, but in the first half of 2019 Malaysia surpassed Indonesia as biggest supplier to India due to the duty advantage.“Indonesia is likely to regain market share again in coming months.

Read it all here..................