India keeps edible oil import duty lower until March 2025, imposes 50% export tax on molasses

India has extended lower import duty on edible oil by a year until March 2025, extending the lower duty structure on crude palm oil, crude sunflower oil, and crude soy oil. The decision was expected to keep prices in check ahead of elections. The government also imposed a 50% duty on exports of molasses, a by-product of sugarcane used for alcohol production.
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