India has extended policy to allow imports of lentils and vegetable oils such as palm oil, soyoil and sunflower oil at lower taxes by a year until March 2024, the government said in a notification late on Thursday.
The world’s biggest importer of vegetable oils sharply reduced import taxes from mid-2021 as prices jumped to record highs in the world market. The lower import duty policy had been due to expire on March 31, 2023.
The south Asian country currently levies 5.5% tax on crude palm oil imports, down from 35.75% at the start of 2021.
India imports more than two-thirds of its edible oil needs and has been struggling to contain a rally in local oil prices over the last few months.
The country imports palm oil mainly from top producers Indonesia and Malaysia, while other oils, such as soy and sunflower, come from Argentina, Brazil, Ukraine and Russia.
(Reporting by Rajendra Jadhav, Editing by Louise Heavens)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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