India is considering reducing import taxes on edible oils after cooking oil prices hit record highs last month, two government and two industry officials told Reuters, to reduce food costs in the world’s biggest vegetable oil importer.

While no decision has been made, the tax reduction could lower local prices and boost consumption, giving support to Malaysian palm oil, along with soy and sunflower oil prices, and dampening prices of local oilseeds such as rapeseed, soybean and groundnut.

“A proposal to lower the import duty on edible oils is under review,” a government official with knowledge of the matter who asked to remain unidentified said on Wednesday.

The government will make a final decision to cut the taxes sometime this month, said an official at the Ministry of Consumer Affairs also involved in the process who asked to remain unidentified.
Source: Reuters

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