New Delhi: The government has reduced import duties on crude and refined edible oils, including palm oil, soybean oil and sunflower oil, in a move aimed at keeping cooking oil prices in check ahead of the festival season.
The basic customs duty (BCD) on crude soybean oil and crude palm oil has been reduced to 5% from 10%, while the duty on crude sunflower oil has been cut to zero from 10%.
For refined edible oils, the import duty on refined soybean oil and refined palm oil has been reduced to 27.5% from 32.5%. The duty on refined sunflower oil has been cut to 22.5% from 32.5%.
The new duty rates will come into effect from midnight tonight.
The duty cuts are expected to lower the import cost of edible oils, which could help ease prices for consumers if the reduction is passed through the supply chain.
India relies heavily on imports to meet its domestic cooking oil requirements, making global edible oil prices and import duties important factors for retail prices.
The duty reduction comes ahead of the festival season, when demand for edible oils typically rises.
