India's decision to slash custom duty on the import of edible oil from third countries could hurt Nepal’s export earnings

Nepal’s edible oils are on top list of the country’s major exportable goods for the past few years KATHMANDU, OCT 14: Export of Nepali edible oil is likely to be affected after India reduced duties on the products imported also from other countries than its northern neighbor. According to the Indian media, the Indian government on Wednesday scrapped basic customs duty on crude varieties of palm, sunflower and soybean oils as well as slash duties on refined edible oils. “The basic custom duty on refined varieties of sunflower, soyabean, palmolein and palm oil has been slashed to 17.5 percent each from 32.5 percent,” The Tribune Daily reported on Wednesday. Edible oil prices in the Indian retail markets are reported to have shot up sharply by up to 46.15 percent in the last one year, which has been attributed to global factors and tight supply locally. As per the media, the Indian government has taken the step to ease retail prices of cooking oils and provide relief to consumers ...