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India Holds Proposal to Cut Import Tax on Edible Oils

Picture Source: Internet

India has hold a proposal to cut import taxes on edible oils as cooking oil prices started to decrease in the world market after hitting record highs.

India, which is the world’s biggest vegetable oil importer was considering reducing import taxes after domestic soy oil and palm oil prices more than doubled in the last year. Which hits consumers who are already hurt by high fuel prices and lower incomes amid the Covid-19 pandemic.

“We are not cutting import duties now, a longer-term solution has to be found. Cutting duties is not a sustainable solution,” said a government official in the knowledge of the matter.

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