January 1, 2019 / 3:52 AM / 5 months ago

India cuts tax on crude, refined palm oil imports from ASEAN countries

MUMBAI, Jan 1 (Reuters) - India slashed import tax on crude and refined palm oil sourced from Southeast Asian (ASEAN) countries after request from suppliers, a government notification said late on Monday.

The duty on crude palm oil was lowered to 40 percent from 44 percent, while a tax on the refined variety was cut to 50 percent from 54 percent, the notification said. The cuts took effect on Tuesday.

In March 2018, India had raised import tax on crude palm oil to 44 percent from 30 percent and lifted the tax on refined palm oil to 54 percent from 40 percent.

India relies on imports for 70 percent of its edible oil consumption, up from 44 percent in 2001/02. (Reporting by Rajendra Jadhav; editing by Neil Fullick)

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