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Explained: Why is India losing sleep over record high vegetable oil prices?

The government is considering reducing taxes on vegetable oil imports after cooking oil prices hit record highs last month

Topics
Vegetable oil | Oil Prices | edible oil

Reuters  |  NEW DELHI 

By Mayank Bhardwaj and Rajendra Jadhav NEW DELHI (Reuters) - India, the world's top importer of vegetable oil, will have to spend billions of extra dollars this year to buy more costly cooking oil from overseas and is mulling cutting taxes on those imports to soften the blow to the economy, industry officials have said. The government is considering reducing taxes on vegetable oil imports after cooking oil prices hit record highs last month as it seeks to make food costs more affordable for its population of over 1.3 billion and keep price pressures at bay. WHY HAVE GLOBAL ...

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First Published: Tue, June 15 2021. 15:22 IST
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