Relief to common can! Centre cuts import taxes on vegetable oils to calm prices

The base import tax on refined grades of palm oil, soyoil and sunflower oil cut to 32.5% from 37.5%. 

New Delhi: India has cut base import taxes on palm oil, soyoil and sunflower oil, according to a government notification, as the world`s biggest vegetable oil buyer tries to cool near-record price rises. The reduction in taxes could bring down prices of the edible oils in India and boost consumption, effectively increasing overseas buying by the south Asian country. The base import tax on crude palm oil has been slashed to 2.5% from 10%, while the tax on crude soyoil and crude sunflower oil has been reduced to 2.5% from 7.5%, the government said in a notification late on Friday.