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Investing.com -- India has reduced the basic import tax on crude edible oils to 10%, according to a government statement on Friday.
The move is part of an effort by the world’s largest vegetable oil importer to lower food prices and support the domestic refining sector.
The revised customs duty is applicable to crude palm oil, crude soyoil, and crude sunflower oil.
This action is expected to significantly impact the cost of these essential cooking ingredients in India, where they are widely used.
The government’s decision to cut the import tax comes in response to the rising prices of food items, particularly edible oils.
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