India plans to hike edible oil import taxes to boost local supply, sources say

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India is considering raising import taxes on edible oils as the country seeks to become self-reliant by boosting local oilseed production with the help of tax revenues, two government and two industry officials told Reuters. The tax hike could curb the world’s biggest vegetable oils importer’s purchases and weigh on Malaysian palm oil, along with soy and sunflower oil prices, while propping up local prices of oilseeds such as rapeseed, soybean and groundnut. “We’re considering a proposal to increase some tax on edible oil. If we do decide to the funds would be used to increase the production in the country,” a government official, who did not wish to be identified, said. Another government official and an industry source said the tax could be raised by five percent, but that a decision had not yet been taken. India currently levies 37.5 percent and 45 percent mport tax respectivel…