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India cuts tax on crude palm oil imports to help consumers, refiners
India has cut its tax on crude palm oil (CPO) imports to 5% from 7.5%, 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. The reduction in the tax, known as the Agriculture Infrastructure and Development Cess (AIDC), will widen the gap between the CPO and refined palm oil import duties, effectively making it cheaper for Indian refiners to import CPO, industry officials told Reuters. “After the reduction in AIDC, the import tax difference between CPO and refined palm oil would widen to 8.25%,” said B.V. Mehta, executive director of Mumbai-based Solvent Extractors’ Association of India (SEA).