India cuts duties on edible oils to curb food prices
Business
India just lowered import taxes on key edible oils like soybean, peanut, olive, and palm oil to help keep food prices in check as global costs climb.
The new rates kicked in right away, just in time for the festive season when grocery bills usually go up.
Duties fall, producers cheer, farmers worry
Duties on crude soybean oil and crude palm oil dropped from 10% to 5%, while peanut and olive oil duties fell from 32.5% to 27.5%.
The Indian Vegetable Oil Producers's Association is happy about cheaper prices for shoppers, but some farmers worry this could hurt their earnings or impact future trade deals.
There's also concern about palm oil staying pricey because of changes in Indonesia's rules.