10/15/2021 On October 13, India's finance ministry cut taxes on edible oil imports, which have been cut for the fourth time since June as the government tries to reduce rising retail prices for cooking oils. The base customs duty on crude palm oil, crude soybean oil and crude sunflower oil was reduced from 2.5% to zero. Crude palm oil also benefits from a sharp decline in agricultural production from 20% to 7.5%.
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10/15/2021 On October 13, India's finance ministry cut taxes on edible oil imports, which have been cut for the fourth time since June as the government tries to cut rising retail prices for cooking oils. The base customs duty on crude palm oil, crude soybean oil and crude sunflower oil was reduced from 2.5% to zero. Crude palm oil also benefits from a sharp decline in agricultural production from 20% to 7.5%. Agricultural costs for both crude soybean oil and crude sunflower oil have been reduced from 20% to 5%. All changes take effect from Thursday to the end of March 2022, as indicated in the orders. In addition, the base customs duty on food grade soybean oil, food grade sunflower oil, refined bleached deodorized (RBD) palm oil, RBD palm, RBD palm stearin, and any palm oil other than crude palm oil was reduced from 32.5% to 17.5%. The move came after the government on Sunday imposed restrictions on edible oils and oilseeds stocks until the end of March to prevent stockpiling ...
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