Centre cuts base import duty on refined soyoil, sunflower oil to 12.5%

India on Wednesday slashed base import duty on refined soyoil and sunflower oil to 12.5% from an earlier 17.5%, the government said in a notification, as the world’s biggest vegetable oil buyer tries to dampen local prices.

The country imports soyoil and sunflower oil mainly from Argentina, Brazil, Ukraine and Russia.