The government has decreased import duty on lentils to nil for countries such as Australia and Canada and have cut it to 22 per cent for those originating in the US. It has also lessened cess on crude palm oil to 5 per cent from 7.5 per cent.

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Prices of cooking oils are also increasing after dropping slightly in November. Mustard oil prices have risen to Rs 175 per kg on wholesale. The decision to cut taxes on imported palm oil from February 13 is expected to boost local refining by 60 per cent. India’s decision to relax the import duty on lentils has been appreciated in Australia. The Australian farmers are happy to get better returns and liquidate their stocks. The domestic rates of lentils are at Rs 70 to 73 per kg.