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Our Bureau

Mumbai , Dec. 20

VANASPATI producers have petitioned the Union Ministers for Finance and Food seeking their intervention to save the industry from certain ruin because of illogical customs duty structure and unfair competition from imports.

In its latest telegraphic representation, the Indian Vanaspati Producers Association has asked the Government to align the tariff value of crude palm oil with the prevailing market price.

It has drawn the attention of the Government to the large differential between tariff value of crude palm oil ($433 a tonne) and the market price ($370 a tonne), which means the industry is forced to pay an additional Rs 2,000 a tonne for its raw material.

The industry estimates that its losses because of the anomaly runs to about Rs 20 crore every month on production of one lakh tonne of vanaspati.

How could the domestic industry survive in this abnormal situation and in the face of heavy duty-free imports from Sri Lanka and Nepal, IVPA has asked the ministers.

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