India cuts import tax on crude palm oil to 27.5% as food prices rise

India imports around 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia.

The government  on Thursday the import tax on crude palm oil to 27.5 per cent from 37.5 per cent, aiming to bring down rising food prices with the measure.

India is the world's biggest importer of palm oil. It imports around 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia.

Edible oils trade groups Solvent Extractors Association (SEA) and Soybean Processors Association of India (SOPA) had earlier urged the government not to tamper with the import duties or encourage state-owned companies to import edible oils at concessional duties in a move to contain domestic prices.

ALSO READ: