# Govt considering edible oil import tax cut to lower prices, says report | Commodity - Food & Edible Oils - Business Standard

> India is considering cutting import duties on edible oils after domestic cooking oil prices hit record highs, according to officials cited by Reuters. No decision has been made, but a final call is expected later in June. Soyoil and palm oil prices have more than doubled over the past year.

- Date: 2021-06-03 · published 2021-06-03T12:00:00.000Z
- Category: policy · region India · magnitude medium
- Page: https://feedsoft.ai/events/6355-govt-considering-edible-oil-import-tax-cut-to-lower-prices-says-report
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

A lower import duty would boost Indian demand for palm and soy oils, supporting global prices while reducing pressure on domestic oilseed prices. The market will watch the final decision closely.

## Read by commodity

- SBO: bullish ▲
- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2021-09-13 | [Biofuel Refining Drives Edible Oil Prices \| Food Processing](https://feedsoft.ai/events/45150-biofuel-refining-drives-edible-oil-prices-food-processing.md) | +0.8% | +13.3% |
| PALMOIL | 2017-11-09 | [Import duty talks lift edible oils - The HinduBusinessLine](https://feedsoft.ai/events/68072-import-duty-talks-lift-edible-oils-the-hindubusinessline.md) | -1.7% | -7.6% |
| PALMOIL | 2022-01-30 | [Indonesia’s palm oil export curbs upend global edible oil markets - Markets - Business Recorder](https://feedsoft.ai/events/8091-indonesia-s-palm-oil-export-curbs-upend-global-edible-oil-markets-markets.md) | +7.1% | +10.5% |
| PALMOIL | 2021-08-27 | [Indonesia Sept crude palm oil export reference price, export tax set higher - Markets - Business Recorder](https://feedsoft.ai/events/45440-indonesia-sept-crude-palm-oil-export-reference-price-export-tax-set-higher.md) | -1.4% | +1.9% |
| PALMOIL | 2021-06-22 | [Palm jumps 3% on boost to Chinese import margins from recent weak prices - Markets - Business Recorder](https://feedsoft.ai/events/46660-palm-jumps-3-on-boost-to-chinese-import-margins-from-recent-weak-prices-markets.md) | +0.7% | +9.2% |
| SBO | 2017-02-26 | [Edible oil prices to rebound \| News on Markets - Business Standard](https://feedsoft.ai/events/7063-edible-oil-prices-to-rebound-news-on-markets-business-standard.md) | +5.4% | -0.5% |
| SBO | 2021-09-13 | [Biofuel Refining Drives Edible Oil Prices \| Food Processing](https://feedsoft.ai/events/45150-biofuel-refining-drives-edible-oil-prices-food-processing.md) | -0.7% | +6.4% |
| SBO | 2017-11-09 | [Import duty talks lift edible oils - The HinduBusinessLine](https://feedsoft.ai/events/68072-import-duty-talks-lift-edible-oils-the-hindubusinessline.md) | -1.8% | -6.0% |

## Sources

- business-standard.com: https://www.business-standard.com/article/markets/govt-considering-edible-oil-import-tax-cut-to-lower-prices-report-121060300277_1.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.