India has extended import duty reduction for edible oils to March 2025, according to a government order.
The lower import duty structure on crude palm oil, crude sunflower oil, and crude soy oil was originally set to expire in March 2024. As per the order, the refiners can now continue to import at lower duties until March 2025.
Earlier, to provide relief to consumers, the Narendra Modi government on June 15 reduced the import duty on refined soybean and sunflower oils to 12.5% from 17.5%.
Thus, the effective duty on refined edible oils stood at 13.7%, including a social welfare cess. The effective duty on all major crude edible oils is 5.5%.
"The basic import duty on refined soyabean oil and refined sunflower oil has been reduced from 17.5 percent to 12.5 percent with effect from today. This will remain in force till March 31, 2024," the Union Food Ministry said.
The ministry also said it is closely monitoring the prices of edible oils in the country and ensuring its adequate availability for consumers.
In October 2021, the import duty on these two edible oils was 32.5–17.5% at a time when the international prices were very high, which was reflected in the domestic prices as well.
(Edited by : Ajay Vaishnav)
First Published: Dec 22, 2023 4:09 PM IST
