India is considering reducing import taxes on edible oils. [swpm_protected visible_to=”logged_in_users_only” custom_msg=’This content is for members only. Please login or sign up now.’] However, the proposal is under review, and the government will decide to cut the taxes sometime this month.
While no decision has been made, the tax reduction could lower local prices and boost consumption, giving support to Malaysian palm oil along with soy and sunflower oil prices and dampening prices of local oilseeds such as mustard seeds, soybeans and peanuts.
The SEA is suggesting, using the taxes to subsidize sales to consumers. The government can help poor people even without cutting import tax by providing subsidies for edible oils.