India cuts edible oil import duty ahead of festivals: Will it bring relief after prices rose 20% in a year?

India has lowered import duties on edible oils, including palm, soy, and sunflower oils, to combat rising prices ahead of major religious festivals between September and November. The duty on crude palm and soy oils has been cut from 10% to 5%, while refined versions face a duty reduction from 32.5% to 27.5%. Sunflower oil, which will see the biggest benefit, has its duty cut from 32.5% to 22.5%. Indicating a potential relief for consumers, the move aims to lower prices and support consumption during festive seasons.