Mumbai: India slashed import tax on crude and refined palm oil sourced from Southeast Asian (ASEAN) countries after request from suppliers, a government notification said late on Monday. The duty on crude palm oil was lowered to 40% from 44%, while a tax on the refined variety was cut to 50% from 54%, the notification said. The cuts took effect on Tuesday.

In March 2018, India had raised import tax on crude palm oil to 44% from 30% and lifted the tax on refined palm oil to 54% from 40%.

India relies on imports for 70% of its edible oil consumption, up from 44% in 2001/02.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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