Energy Markets
India reduces import taxes on crude edible oil to help lower food prices
India has halved its basic import tax for crude edible oil to 10%, according to the government. The world's largest vegetable oil importer is trying to lower food prices while also helping the local refinery industry. Crude palm oil, soya oil and crude sunflower oils are subject to a customs duty. The total import duty for the three oils will be reduced from 27.5% to 16.5%, as they are now subject to the Agriculture Infrastructure and Development Cess and Social Welfare surcharge of India. The Solvent Extractors' Association of India's (SEA) executive director, B.V. Mehta said, "This is a win...