UPDATE 1-India's Jan vegetable oil imports at 15-year high

NEW DELHI, Feb 12 (Reuters) - India's vegetable oil imports rose 78 percent in January as low global prices and expectations of a higher import tax lifted purchases to the highest since trade rules were eased 15 years ago, a leading trade body said.

This has hurt domestic Industry in India, the world's biggest vegetable oil importer after china, during peak crushing season, B.V. Mehta, executive director of the Solvent Extractors' Association said on Thursday.

"Most of the plants are currently running on marginal or negative margin affecting overall crushing and availability of domestic oils," he said.

Traders said Argentine soyoil prices stood at $700 per tonne, free on board, a discount of $85 to domestic rates.

January imports of vegetable oils amounted to 912,342 tonnes, which includes 856,690 tonnes of edible oils.

Imports in the first three months of the season that began in November rose 77.5 percent to 2.2 million tonnes, the trade body said in a statement.

For a graphic on India's edible oil imports since January last year, click here

India in 2008 slapped an import tax of 20 percent on crude soyoil but decided to continue its zero import tax on crude palm oil as it accounted for almost 90 percent of the country's total vegetable oil imports.