new Delhi: India is likely to cut import tax on palm oil, people familiar wit the matter said on Friday, in line with New Delhi’s trade agreements with Southeast Asian countries.

Earlier this year, India, the world’s top buyer of vegetable oils, raised the import tax on crude palm oil to 44 % from 30 % and lifted the tax on refined palm oil to 54 % from 40 %.

India imports palm oil from Malaysia and Indonesia.