The government slashed the import tariffs on edible oils such as crude palm oil, palmolein, and soya bean oil late Wednesday, along with those on precious metals such as gold and silver. The new base import prices will come into effect on June 1.
India is the largest importer of edible oil globally and also one of the largest importers of gold.
The cuts follow moderation in global prices and are in line with the sentiment of analysts and traders who expected to see palm oil prices reduce.
Earlier in the month, edible oil makers also slashed their sticker prices. Companies like Adani Wilmar Ltd. and Mother Dairy have brought down their price tags by up to Rs 20 per litre in May in a bid to pass on the benefit of softening rates in global markets.
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