Govt cuts duty on edible oils

NEW DELHI: The UPA government undertook another round of import duty cuts on Wednesday, just about a month ahead of the budget. It slashed duties on edible oils, hoping to calm their rising prices.

On Monday, the government had cut import duties on cement, machinery, project goods and a variety of raw materials and metals to lower production costs of manufactured items.

This is the second occasion in less than a year that the government has been compelled to cut import duties on edible oils. The tariff values for the palm group of oils will remain frozen at July 2006 levels.