India could cut import tax on some edible oils to tame local prices
India
Published May 27, 2022
Tridge summary
India could soon cut an import tax on crude soy oil and crude sunflower oil, trade and government sources said on Tuesday, as the world’s biggest vegetable oil importer tries to keep a lid on local prices.
Original content
India could soon cut an import tax on crude soyoil and crude sunflower oil, trade and government sources said on Tuesday, as the world’s biggest vegetable oil importer tries to keep a lid on local prices. The reduction in the duty, known as the Agriculture Infrastructure and Development Cess (AIDC), could bring down domestic prices and help consumers and domestic refiners cushion the blow from surging food costs. The government could either cut or axe the 5% AIDC, said the sources who did not wish to be named as they are not authorized to talk to the media. The government should also consider cutting the 5% AIDC on crude palm oil to help the local refining industry, said B.V. Mehta, executive director of the Solvent Extractors’ Association of India. India has already abolished the basic import tax on crude palm oil, crude soyoil and crude sunflower oil, but continues with the 5% AIDC on these three grades of edible oils. New Delhi has been struggling to contain a rally in local ...
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