India could cut import tax on some edible oils to tame local prices

India imports palm oil mainly from Indonesia and Malaysia, while other oils, such as soy and sunflower, come from Argentina, Brazil, Ukraine and Russia.(File pic shows a palm oil factory in Malaysia.)

NEW DELHI: India could soon cut an import tax on crude soyoil and crude sunflower oil, trade and government sources said on Tuesday, as the world's biggest vegetable oil importer tries to keep a lid on local prices.

The reduction in the duty, known as the Agriculture Infrastructure and Development Cess (AIDC), could bring down domestic prices and help consumers and domestic refiners cushion the blow from surging food costs.