Traders see little impact of edible oil duty cut as global mkts offset move

India is heavily dependent on imports for meeting its domestic edible oil requirements.

Edible oil prices in the domestic markets, which have been on the boil the past few months, might not come down much despite the Centre’s decision Tuesday to lower import duties as the corresponding prices in the international markets have moved up nullifying the impact of duty cut.

Traders and market watchers however were critical of the decision to allow import of refined palm oil without any restrictions (announced a day after the duties were lowered) on the grounds that it will lead to flood of cheap edible oils from Malaysia and Indonesia and sound the death knell for the