India unlikely to hike import duty on vegoil soon-sources

Last Updated: Wed, Jan 16, 2013 19:03 hrs

NEW DELHI, Jan 16 (Reuters) - India is unlikely to hike import duties on edible oils, including palm oils, immediately, government sources said on Wednesday.

"No item on edible oil duty hike is listed so far for tomorrow's (Thursday's) cabinet meeting," one of the sources told Reuters.

India, the world's top vegetable oil importer, buys mainly palm oils from Indonesia and Malaysia and a small quantity of soyoil from Brazil and Argentina.

Soyoil futures had been gaining on speculation there might be an imminent duty increase.

At 1055 GMT, the actively traded soyoil contract for February delivery on National Commodity and Derivatives Exchange was up 1.3 percent at 719.4 rupees per 10 kg.

(Reporting by Ratnajyoti Dutta; Editing by Jo Winterbottom)

More from Sify: