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India considers cutting vegetable oil import taxes as prices climb
NEW DELHI/MUMBAI: India, the world’s biggest vegetable oils importer, is considering lowering import taxes on the commodities to try to curb food inflation, two government and two industry sources said on Wednesday, as the peak demand festival season gets under way. Prices of vegetable oils in India have climbed by nearly 20% over the last year and a measure that would lower their prices is likely to increase consumption as households mark festivals from September to November with sweets, snacks and fried treats. Internationally, increased Indian demand would support benchmark Malaysian palm o...
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