India reduces basic import duty on refined soyabean, sunflower oils by 5%
In order to provide relief to the consumers, the Narendra Modi government on June 15 reduced the import duty on refined soyabean and sunflower oils to 12.5 percent from 17.5 percent. This has been since last Thursday (June 15).
With this, the effective duty on refined edible oils stands at 13.7 percent, including cess on social welfare. The effective duty on all major crude edible oils is 5.5 percent.
“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.
Further, it said, the basic import duty is an important factor, which impacts the landed cost of edible oils, which in turn affects the domestic prices. The cut in import duty on refined sunflower and soybean oils will benefit the consumers, as it will help in easing domestic retail prices.
The ministry also said it is closely monitoring the prices of edible oils in the country and ensuring its adequate availability to consumers.
In October 2021, the import duty on these two edible oils was 32.5-17.5 percent at a time when the international prices were very high, which was getting reflected in the domestic prices as well, it noted.
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