Govt raises import tax on crude, refined edible oils to support farmers

India has raised the basic import tax on crude and refined edible oils by 20 percentage points, the government said on Friday, as the world's biggest edible oil importer tries to help protect farmers reeling from lower oilseed prices

The move could lift edible oil prices and dampen demand and subsequently reduce overseas purchases of palm oil, soyoil and sunflower oil.

After the duty hike announcement, Chicago Board of Trade soyoil extended losses and fell more than 2 per cent.