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To control prices, the government reduces import tariffs on palm oil | India News

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NEW DELHI: The government reduced the basic customs duty (BCD) on crude palm oil to 27.5% on Thursday in its bid to increase the availability of edible oil in the domestic market. The current BCD for crude palm oil is 37.5%.
The reduced rate will take effect from Friday. The move comes just a week after the issue of rising edible oil prices was discussed at a meeting of the Group of Ministers led by Interior Minister Amit Shah.
The tax cut is likely to help cool rising edible oil rates. Palm oil makes up over 40% of India’s total edible oil consumption. Edible oil is the third largest imported commodity from India after crude oil and gold.
TOI on November 20 had reported how the prices of palm oil, soybeans and sunflower had increased by 20-30% in the last year.

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