The Indian government has reduced the basic customs duty on crude edible oils – including sunflower, soyabean and palm oils – from 20% to 10% in a bid to curb soaring edible oil prices, Daijiworld wrote.
The move was expected to lower retail prices and reduce inflationary pressure, the 11 June report said.
According to the Ministry of Consumer Affairs, the duty cut increases the gap between crude and refined oil import duties from 8.75% to 19.25%, promoting domestic refining and discouraging imports of refined oils.
“This adjustment is aimed at addressing the price surge triggered by the 2024 duty hike and rising global rates,” the ministry said.
Edible oil associations have been directed to pass on the benefit to consumers through reduced prices, according to the report.
The revised duty structure was expected to lower the landed cost of oils, promote domestic refining and ensure fair returns for farmers, Daijiworld wrote.
