Cut in customs duty on edible oil imports extended by a year
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The Central government has extended the reduced customs duty applicable to edible oil imports by a year in order to keep prices in check.
The government had initially in June this year lowered the basic customs duty on crude palm oil, crude sunflower oil and crude soyoil from 17.5 percent to 12.5 percent till March 2024 as prices were spiraling out of control. This date for the reduced duty to be applicable has now been extended to March 2025.
India is the world’s largest importer of edible oil as it meets 60 per cent of its requirement through imports.
The country buys palm oil mainly from Indonesia, Malaysia and Thailand while it imports soybean and sunflower oil from Argentina and Brazil.
