India cuts tax on crude palm oil imports to help consumers, refiners

India imports more than two-thirds of its edible oil needs and has been struggling to contain a rally in local oil prices over the last few months.

India has cut its tax on crude palm oil (CPO) imports to 5 percent from 7.5 percent, the government said in a notification, as the world’s biggest edible oil importer tries to rein in local prices of the commodity and help domestic refiners and consumers.