From The Economic Times · ET Bureau · · 40s
Govt cuts edible oil duty to ease prices
India slashes edible oil import duties to lower food inflation.
In brief
India slashes edible oil import duties to lower food inflation. India reduced customs duties on crude and refined edible oils to cut import costs and potentially lower domestic prices. Originally reported by The Economic Times.
Duty cuts announced
The government cut basic customs duty on crude and refined edible oils.
Palm and soybean oil duties halved
Crude soybean and palm oil duties reduced to 5%.
Refined oil duties lowered
Refined soybean and palm oil duties cut to 27.5% from 32.5%.
Sunflower oil duties adjusted
Crude sunflower oil duty scrapped; refined duty lowered to 22.5%.
Effective date and impact
Duty cuts effective September 24 to ease food inflation.
The takeaway
India reduced customs duties on crude and refined edible oils to cut import costs and potentially lower domestic prices.
