India slashes import duty on crude edible oils to curb rising food prices

India lowered the basic import tax on crude and refined edible oils by 10 percentage points, the government said on Friday, as the world's biggest vegetable oil importer tries to bring down food prices and help local refining industry.

The move will bring down edible oil prices and boost demand and subsequently increase overseas purchases of palm oil, soyoil and sunflower oil.

New Delhi halved the basic customs duty on crude palm oil, crude soyoil and crude sunflower oil to 10% from earlier 20%, the government said in a notification seen by Reuters.

It will effectively bring down the total import duty on the three oils to 16.5% from earlier 27.5% as they are also subject to India's Agriculture Infrastructure and Development Cess and Social Welfare Surcharge.

 

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