INSUBCONTINENT EXCLUSIVE:
Base import tax on crude palm oil has been slashed to 2.5 per cent from 10 per centThe government has cut base import taxes on palm oil,
soyoil and sunflower oil, according to a government notification, as the world's biggest vegetable oil buyer tries to cool near-record
price rises.The reduction in taxes could bring down prices of the edible oils in India and boost consumption, effectively increasing
two-thirds of its edible oil demand through imports and has been struggling to contain a rally in local oil prices for the last few
months.The country imports palm oil mainly from top producers Indonesia and Malaysia, while other oils, such as soy and sunflower, come from
Argentina, Brazil, Ukraine and Russia.The reduction in taxes would bring down edible oil prices ahead of key festivals, when edible oil
demand rises in the country, said Govindbhai Patel, managing director of trading firm G.G
Patel - Nikhil Research Company.New Delhi cut import taxes on palm oil, soyoil and sunflower oil, but kept import duties intact on crude
rapeseed oil at 38.5 per cent, said B.V
Mehta, executive director of the Solvent Extractors' Association of India."There is a need to bring down import tax on rapeseed oil as well
since the price has nearly doubled in a year," Mehta said.
