NEW DELHI - India could soon cut an import tax on crude soyoil and crude sunflower oil, trade and government sources said on Tuesday , as the world's biggest vegetable oil importer tries to keep a lid on local prices.
The government could either cut or axe the 5 per cent AIDC, said the sources who did not wish to be named as they are not authorised to talk to the media. India has already abolished the basic import tax on crude palm oil, crude soyoil and crude sunflower oil, but continues with the 5 per cent AIDC on these three grades of edible oils.
India imports more than two-thirds of its edible oil needs and a sharp drop in the supplies of sunflower from the Black Sea region has further stoked local prices.
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