Edible oil importers seek duty cut in 2016-17 budget

Importers have demanded the government to cut lessen duty taxes on edible oil in the Fiscal Year (FY) 2016-17, reported. 

Importers of raw palm oil said that 1-ltr coconut oil pouch price could plummet by Rs 50 if the government cuts import duty and taxes.

Edible oil importers seek duty cut in 2016-17 budget
Edible oil importers seek duty cut in 2016-17 budget

It should be mentioned here that country’s 85 percent demand is fulfilled using raw palm oil. Whereas the government pockets 40 percent duty tax on oil import. Annual total of raw palm oil is 25 lac tonne and costs above USD 2 billion.

Oil importers have foreseen country’s self-sufficiency in edible oil production if the government helps farmers over production of oil seeds in the forthcoming federal budget. The government can save over millions of Rupees if it becomes self-sufficient in production of edible oil. According to the traders, the country is lagging behind in sunflower and canola farming as well due to lack of interest on government’s part.