India Cuts Import Tax on Crude Edible Oils to Control Prices (1)

India halved its basic import duty on crude edible oils, while keeping the tax on refined forms unchanged, in a move to control local prices and support the processing industry.

The government cut the levy on crude palm, soybean and sunflower oils to 10%, according to an official notification late Friday. The change, which will be effective from May 31, will reduce the effective tax — after including other charges — to 16.5% from 27.5%.

The action by the world’s largest importer of cooking oil is expected to help lower retail prices of packed edible oils, which have jumped as ...