Reuters ahead in reporting India increases tax on crude palm oil imports

Reuters was ahead in reporting that India has imposed an additional tax on crude palm oil imports as the world’s biggest importer of vegetable oils tries to build domestic agriculture infrastructure by taxing imports. The tax increase will narrow the duty gap between palm oil and other edible oils, which could reduce India’s palm oil imports and potentially put pressure on Malaysian palm oil prices. The unexpected news hit the Malaysian market, where palm fell 8% in two days.