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India Plans to Cut Taxes on Edible Oils to Cool Surging Prices

  • Government may lower agri-infra cess on crude palm oil imports
  • Nation depends on imports for 60% of its vegetable oil needs
India is the world’s top importer of vegetable oils.

India is the world’s top importer of vegetable oils.

Photographer: Anindito Mukherjee/Bloomberg

India is planning to cut taxes on some edible oils to cool the domestic market after the war in Ukraine and Indonesia’s ban on palm oil exports sent prices skyrocketing, according to people familiar with the matter. 

India, the world’s top importer of vegetable oils, is looking to cut the agriculture infrastructure and development cess on crude palm oil imports from 5%, the people said, asking not to be identified as the information is private. The new tax amount is still being deliberated, the people said.