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In the world, India is the top importer of vegetable oil, spending billions of extra dollars this year to buy extra expensive cooking oil from across and is mulling cutting taxes in those imports to soften the blow to the country, industrial officials have said.
The government is in consideration of decreasing taxes on vegetable oil imports later cooking all prices hit record highs the past month as it seeks to make food costs more reasonable and affordable for its population of over 1.3 billion and keep price pressure at bay.
Problems in the global production of key oilseeds coupled with raising biodiesel use have fuelled the global veg oil rally.
Palm oil prices, the most widely consumed edible oil, also rallied 18% in 2020 after Covid-19 lockdowns curbed output from plantations from Southeast Asia.
As one of the top edible oil importer, India consumes an average of $8.5-$10 billion yearly on imported veg oils, and the recent price flow will only inflate its bolted import bill further. After crude oil and gold vegetable oil is the third-biggest import item.
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