Malaysia stares at huge losses after India alters rule on import of refined palm oil
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News Delhi, Jan. 14 -- India has moved the import of refined palm oil and palm olein from the "free" to "restricted" category with the aim to bar imports from Malaysia after country's 94-year-old Prime Minister Mahathir Mohamad's comments on the new citizenship law and Kashmir, reports said.
According to media reports, the Indian government has tweaked the rule to stop imports from Malaysia, which is the second-biggest producer of palm oil after Indonesia.The Malaysian refiners are anticipating huge losses as imports to India are likely to slide down to 1 million tonnes from 4.4 million tonnes in 2019 if situation doesn't improve, reports said.A notification from the ministry of commerce and industry informed the changes in the rule last...
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