NEW DELHI, June 15 (Xinhua) -- The Indian government has reduced custom duty on imports of soybean oil and sunflower oil from 17.5 percent to 12.5 percent, with effect from Thursday, said an official notification issued by the Department of Revenue under the federal Ministry of Finance.
The country imports both the cooking oils mainly from countries like Argentina, Brazil, Ukraine and Russia.
The move is aimed at allowing more imports of these two products in a bid to meet the domestic demand and curb the rising prices of cooking oils. The customs duty's rates were revised after nearly six months.
"It is necessary to do so in the public interest. The notification shall come into force with effect from June 15," said the notification.
A media report by the Indian Express said, "India slashed base import duty on refined soybean oil and sunflower oil, as the world's biggest vegetable oil buyer tries to dampen local prices." ■