COOKING OIL TO GET CHEAPER AS GOVERNMENT SLASHES IMPORT DUTY

The government has decided to reduce import duties on crude cooking oil with effective from May 31. As a result of this decision, cooking oil prices are expected to decline considerably in the coming days. The usage of cooking oil has been rising steadily, however due to the increase in domestic prices, the center has decided to provide relief to Indian households. Currently, crude palm oil, crude soybean oil, and crude sunflower oil are subject to a 20% import duty. This has now been reduced to 10%. India meets nearly 70% of its edible oil requirement through imports due to low domestic oilseed production. Companies that can benefit from this duty reduction are

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