India cuts import taxes on vegetable oils to calm prices

By Rajendra Jadhav MUMBAI (Reuters) -India has cut base import taxes on palm oil, soyoil and sunflower oil, according to a government notification, as the world's biggest vegetable oil buyer tries to cool near-record price rises. The reduction in taxes could bring down prices of the edible oils in India and boost consumption, effectively increasing overseas buying by the south Asian country.

The base import tax on crude palm oil has been slashed to 2.5% from 10%, while the tax on crude soyoil and crude sunflower oil has been.

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