India decreases import tax on crude and refined soy oil and sunflower oil by 7.5 per cent, said a government order India is the world’s biggest vegetable oil importer and pays an average of $8.5-$10 billion yearly on the import of edible oil.

The country generates less than half of the 24 million tonnes of edible oil that it consumes yearly. It imports the rest, purchasing palm oil from Indonesia and Malaysia, soy oil from Brazil and Argentina, and sunflower oil from Russia and Ukraine.