India, the largest cooking oil consumer after China, will probably increase taxes on imports to shield oilseed farmers from cheap palm supplies from Indonesia and Malaysia, according to a trade group. Futures declined.
Palm oil dropped for the first time in three days as India ended a freeze on the taxable value of cooking oil imports and said it will revise it fortnightly on the basis of world prices, a move that will push up duties.
Thailand will propose cutting import taxes on bottled water and food such as eggs, milk formula and pork after flooding led to shortages, said Vachari Vimooktayon, director-general of the Internal Trade Department.
Russia’s government plans to remove a 5 percent import tax on wheat, rye, barley, oats and corn and a 15 percent duty on inbound onion, carrot and beet shipments through June to keep food prices stable.