Centre Reduces Basic Custom Duty On Crude Edible Oils to 10 % To Bring Down Retail Prices
The Centre has cut the basic customs duty on crude palm oil, crude soybean oil, and crude sunflower oil from 20% to 10% to reduce cooking oil prices and support domestic processors. This change, effective immediately, aims to ease costs as India imports over half of its edible oil needs. The duty on refined oils remains at 32.5%. Key import sources include Malaysia, Indonesia, Brazil, and Argentina.
The Centre has reduced the basic customs duty on crude palm oil, crude soyabean oil and crude sunflower oil to 10 per cent. The move is aimed at bringing down the retail prices of cooking oils and protecting domestic processors. A notification in this regard was issued by the finance ministry yesterday with immediate effect.
Earlier, the duty on these three crude edible oils was 20 per cent. India imports more than 50 per cent of its domestic edible oil requirement. India imported 159.6 lakh tonnes of edible oils during the 2023-24 oil marketing year (November to October), valuing 1.32 lakh crore rupees.
The basic custom duty on refined oil remains unchanged at 32.5 per cent. India imports palm oil from Malaysia and Indonesia. Soyabean oil comes from Brazil and Argentina.
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Source : Global Green News
