India cuts soyoil, sunflower oil import tax

NEW DELHI : India is the world’s biggest vegetable oil importer and spends an average of $8.5-$10 billion annually on edible oil imports.

India has cut import taxes on crude and refined soyoil and sunflower oil by 7.5%, according to a government order, as part of efforts to keep a lid on prices.

India is the world’s biggest vegetable oil importer and spends an average of $8.5-$10 billion annually on edible oil imports.The country produces less than half of the roughly 24 million tonnes of edible oil that it consumes annually. It imports the rest, buying palm oil from Indonesia and Malaysia, soyoil from Brazil and Argentina, and sunflower oil, mainly from Russia and Ukraine.

Source : money control