Top companies covered in sunflower oil market are Abu Dhabi Vegetable Oil Company (ADVOC) (Abu Dhabi, UAE), Conagra Brands, Inc. (Illinois, United States),.
India is considering reducing import taxes on edible oils after cooking oil prices hit record highs last month, two government and two industry officials told Reuters, to reduce food costs in the world's biggest vegetable oil importer. 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 rapeseed, soybean and groundnut. "A proposal to lower the import duty on edible oils is under review," a government official with knowledge of the matter who asked to remain unidentified said on Wednesday.
India is considering reducing import taxes on edible oils after cooking oil prices hit record highs last month, two government and two industry officials told Reuters, to reduce food costs in the world's biggest vegetable oil importer.
India meets nearly two-thirds of its edible oil demand through imports, levying a 32.5% tax on palm oil imports, while crude soybean and soyoil are taxed at 35%. It buys palm oil from Indonesia and Malaysia, and soyoil and sunflower oil come from Argentina, Brazil, Ukraine and Russia.
India Business News: India is considering reducing import taxes on edible oils after cooking oil prices hit record highs last month, two government and two industry offici