Business Standard

Edible oil industry shaken on news of oil-for-sugar deal with Indonesia

Units are miffed at the move as there is a lot of idle capacity in the country; sugar industry, on the other hand, has welcomed the development

Edible oil refinery capacity rises on import duty hike
Premium

Sanjeeb Mukherjee New Delhi
India’s edible oil industry was shaken after reports said that the government has accepted a proposal to lower the import duty on refined, bleached and deodorised (RBD) palmolein oil from Indonesia to accommodate the export of high-quality raw sugar from India to that country.

Reports appearing in a section of the Indonesian media, quoting its trade minister Enggartiasto Lukota, said India has agreed to lower import duty on RBD palmolein oil from that country against an assurance that Indonesia will import high-quality raw sugar from India.

When contacted, Indian commerce ministry declined to comment.

India is struggling to manage surplus

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Sep 11 2019 | 7:48 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com