Centre cuts palm oil duties, eases imports to cushion prices
The Union government has cut duties on palm oil by 5% and lifted restrictions on the import of refined palm oil to ease edible oil prices, which had more than doubled in April and May in the highest surge in prices in years. India meets two-thirds of its domestic edible oil requirements through imports, as global prices rallied in recent months due to bad crops and higher demand. Palm is one among several edible oils, such as soy oil, India imports. Recent increases in edible oil prices had pinched household budgets hard. On June 18, the HT had reported that the government was examining a proposal to cut edible oil duties to make it cheaper, even though the government was averse to taking a “hasty decision” on cutting import duties on edible oils, quoting an official as saying. Cutting import duties can lower prices instantly. Edible oil is India’s third most high-value import, after crude oil and gold. India typically imports from producers such as Malaysia, Indonesia...