Hoarders want import duty on edible oil back

Several importers of edible oil are pushing for the restoration of the import duty on edible oil. The Plantation Ministry was under pressure to increase the import duty as it would benefit importers who had bought large stocks after the government reduced the duty last April, the sources said.

The government reduced the import duty from 28 per cent to 5 per cent to bring down the high prices of coconut and edible oil.

The importers of edible oil who had taken advantage of the low duty to import large stocks now wanted the Plantation Ministry to once again increase the duty on edible oils, the sources said.