With the government's decision to increase the import duty on edible oil to 12.5 percent and 15 percent, the farmers of the country are likely to get a better yield of their products and get protection from the import of cheap edible oil. This is stated in a report by an agency of credit determination. 

Last week, the government increased the import duty of soyabean oil from 12.5 percent to 30 percent, increased soybean refined oil from 35 percent, from 15 percent to 30 percent, RBD palm oil increased from 25 percent to 40 percent, sunflower Increased crude oil from 15 percent to 35 percent. 

Agency Care today said that the government has increased the duty on the import of most edible oils to protect the interests of farmers and domestic industries.

According to data released by the Solvent Extractors' Association (SEA) soybean, rapeseed and groundnut were being sold lower than the MSP and their prices had declined in the range of 20 to 30 percent on a year-on-year basis. The lower price, in turn, deters farmers to sow oilseeds and opt for other crops.

Care said that the increase in import duty can help farmers to get good value for oilseeds. Due to this initiative, cheaper imports of edible oils are expected to be curb. However, due to this measure, dependence on import of edible oil will not come down as India imports about 65 to 70 percent of its oil requirement.

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