Proposal to cut import duty on edible oil put on hold despite record high prices

India has reportedly put on hold a proposal to cut import duty on edible oil despite record high prices. It may be noted that domestic soya and palm oil rates have more than doubled in the past year.

India has put on hold a proposal to reduce import duties on edible oils as cooking oil prices started to fall in the world market after hitting record highs, two government and one industry officials told Reuters. The world's biggest vegetable oil importer was considering reducing duties after domestic soyoil and palm oil prices more than doubled in the past year, hitting consumers already stung by record fuel prices and reduced incomes amid the COVID-19 pandemic. "We are not cutting import duties now, a more longer term solution has to be found. Cutting duties is not a sustainable solution," said a government official with knowledge of the matter who asked not to be identified.