Synopsis The govt is considering reducing taxes on vegetable oil imports after cooking oil prices hit record highs last month as it seeks to make food costs more affordable for its population of over 1.3 billion and keep price pressures at bay. India, the world’s top importer of vegetable oil , will have to spend billions of extra dollars this year to buy more costly cooking oil from overseas and is mulling cutting taxes on those imports to soften the blow to the economy , industry officials have said. The government is considering reducing taxes on vegetable oil imports after cooking oil prices hit record highs last month as it seeks to make food costs more affordable for its population of over 1.3 billion and keep price pressures at bay. WHY HAVE GLOBAL EDIBLE OIL PRICES RALLIED SO MUCH? Problems in the global production of key oilseeds coupled with rising biodiesel use have fuelled the global vegoil rally. Soyoil futures have jumped more than 70% this year after drought tightened U.S. and Brazilian soybean supplies. The U.S. Department of Agriculture has forecast global soybean stocks will fall to a five-year low of 87.9 million tonnes by September. Palm oil prices,… Read full this story
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