India cuts edible oil import duty for festivals
India reduced import duties on crude and refined edible oils to lower prices ahead of the peak festive season. The move is expected to boost consumption and support global futures.
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India cut basic import duties on crude and refined edible oils to 5% and 27.5% respectively, lowering food costs ahead of peak festive demand. Vegetable oil prices had climbed 20% over the past year, triggering government intervention. The reduction spans palm, soy, and sunflower oils to boost consumption during major religious holidays from September through November.
