The government has said India may cut import tax on palm oil from next year, line with New Delhi's trade agreements with Southeast Asian countries. India imports palm oil from Malaysia and Indonesia.
Crude palm oil duties for Malaysia will be cut to 40% from 44% from January 01, while a levy on the refined variety will be reduced to 45% from 54%.
Earlier, India, the world's top buyer of vegetable oils, raised the import tax on crude palm oil to 44 percent from 30 percent and lifted the tax on refined palm oil to 54 percent from 40 percent.
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