Edible oil import duty slashed

Central government Friday reduced the basic custom duty on crude palm oil, crude soyabean oil, and crude sunflower oil to 10 per cent, a move aimed at bringing down the retail prices of cooking oils and protecting domestic processors.

- PRESS TRUST OF INDIA

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.

A notification in this regard was issued by the finance ministry Friday with immediate effect. When contacted, Union Food Secretary Sanjeev Chopra said the government has slashed the basic custom duty on crude edible oils to 10 per cent from 20 per cent.