India plans edible oil import tax cut

India is a major purchaser of Malaysian palm oil. (File pic shows a Malaysian palm oil mill)

MUMBAI: India is considering reducing import taxes on edible oils after cooking oil prices hit record highs last month, two government and two industry officials told Reuters, to reduce food costs in the world’s biggest vegetable oil importer.

While no decision has been made, the tax reduction could lower local prices and boost consumption, giving support to Malaysian palm oil, along with soy and sunflower oil prices, and dampening prices of local oilseeds such as rapeseed, soybean and groundnut.