India slashed import tax on crude and refined palm oil sourced from Southeast Asian (Asean) countries after request from suppliers, a government notification said late on Monday.
The duty on crude palm oil was lowered to 40 per cent from 44 per cent, while a tax on the refined variety was cut to 50 per cent from 54 per cent, the notification said. The cuts took effect on Tuesday.
In March 2018, India had raised import tax on crude palm oil to 44 percent from 30 percent and lifted the tax on refined palm oil to 54 percent from 40 percent.
India relies on imports for 70 per cent of its edible oil consumption, up from 44 per cent in 2001-02.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)