MUMBAI: India slashed the basic import duty on crude palm oil (CPO) to 15% from 27.5% earlier, Finance Minister Nirmala Sitharaman said on Monday.

The basic custom duty on soybean oil and sunflower oil also cut 15% from 35% earlier Sitharaman said in her annual budget presented for 2021/22 financial year.

The government has proposed 17.5% cess on CPO and 20% cess on crude soybean and sunflower oil, she said.

India is the world's biggest importer of vegetable oils.