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The hike in import duties by the world's largest importer of edible oils could lift local vegetable oil and oilseed prices, while potentially dampening demand and reducing overseas purchases of palm oil, soyoil, and sunflower oil.
"(The) Inter-ministerial consultations regarding duty hike are over," said a government source, who did not wish to be named as he was not authorised to talk to the media. «The government is soon expected to raise the duties.»
The government would take into account the impact of the decision on food inflation, said another government source who also did not wish to be identified, citing official rules.
A government spokesperson did not immediately respond to a request from Reuters for comment.
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