India struggles to contain vegoil prices as Indonesia restricts exports

India's attempts to lower edible oil prices ahead of important state elections have been ruined by a spike in global palm oil prices to record highs after Indonesia, the world's biggest supplier, moved restrict exports. Mindful of an electorate that is highly sensitive to food price inflation, government tried to rein in domestic prices by reducing import taxes, imposing stockpile limits and suspending futures trading in edible oils and oilseeds.

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