- India reduced tax on Crude Palm Oil(CPO) imports from 7.5% to 5%.
- Earlier, refined palm oil was cheaper than CPO due to the higher tax imposed on CPO by the producing countries.
- Now, after the reduction in AIDC (Agriculture Infrastructure Development Cess) by the Indian government, CPO has become cheaper to import, which is going to benefit Indian refiners.
- India imports more than two-thirds of its edible oil needs.
- Palm oil is mainly imported from top producers Indonesia and Malaysia.
- Refined palm oil imports accounted for nearly half of India's total palm oil imports in the past few months and now it could come down to 20% with the revised tax structure.
These news are collected from various sources on internet and put together for our readers.
