Now edible oil will become cheaper, public will breathe a sigh of relief!
The government has taken such a decision, which will provide great relief to the general public of the country. The government has reduced the basic customs duty on crude palm oil, soybean oil, sunflower oil from 20 percent to 10 percent. The government has done this with the aim of reducing the prices of edible oil across the country and promoting local processing. This decision will come into effect from May 31 itself. This is expected to reduce retail inflation and India's vegetable oil refining industry will also get a boost from this.
Import duty reduced
In a notification issued by the Ministry of Finance on Friday, it was said that the import duty of these three oils has now been reduced from 27.5 percent to 16.5 percent. These also include surcharge and cess. There has been no change in the basic customs duty on refined oil and it is 32.5 percent, while the effective duty is 35.75 percent.
india imports oil from these countries
The government took this step at a time when india, the world's largest importer of cooking oil, imported 159.6 lakh tonnes of edible oil worth Rs 1.32 lakh crore in 2023-24. india meets 50 percent of its edible oil requirement by importing, with palm oil imported from malaysia and indonesia and soybean oil mainly from brazil and Argentina.
Sanjeev Asthana, President of Solvent Extractors Association of india (SEA), said, the government's decision to increase the duty difference between crude and refined oils from 8.25 percent to 19.25 percent is a bold and timely step. This will reduce the import of refined palmolein and the demand will again move towards crude palm oil, which will reinvigorate the domestic refining sector.