India slashed the basic import tax on refined palm oil as the world's biggest buyer of soybean, palm and sunflower oils aims to cool off near-record prices.
The basic customs duty on refined palm oil and its fractions will be reduced from 17.5% to 12.5% till March 31, 2022, the Central Board of Indirect Taxes and Customs said in a notification on Dec. 20. This shall come into effect on the Dec. 21.
The government had lowered the import duties on the commodity at least three times this year. The last was on Oct. 13.
Besides refined palm oil, import taxes on crude palm oil, crude soya-bean oil and crude sunflower seed oil had been cut to nil in October.
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