India, the world’s largest edible oil buyer, has cut import duties on key edible oils ahead of the peak festive consumption season. The basic duty on crude palm oil and crude soybean oil was reduced to 5% from 10%, while tariffs on unrefined sunflower oil were eliminated. Levies on refined edible oils were also reduced. The changes were announced in a government notification issued late on Wednesday and are intended to help ease domestic prices.