Mumbai, June 2 -- India has slashed the basic import duty on crude edible oils-palm, soy, and sunflower-from 20% to 10%, lowering the effective duty to 16.5%. The move aims to cool food inflation and boost domestic refining by widening the gap with refined oil duties, which remain at 35.75%. This shift is expected to increase crude oil imports and support local refiners. India imports over 70% of its edible oil needs from countries like Indonesia, Malaysia, Argentina, and Ukraine.
Published by HT Digital Content Services with permission from Capital Market....