India will allow the import of edible oils at lower import tax rates until March 2025, according to a government order, as the world’s biggest importer of vegetable oil moves to keep a lid on local prices.
The lower import duty structure on crude palm oil, crude sunflower oil and crude soyoil was originally set to expire in March 2024. However, as per the order, refiners can now continue to import at lower duties until March 2025.
Earlier, in the month of June, this year, the government had reduced the basic import duty on edible oils to ensure their availability to consumers at affordable prices. The basic import duty on refined soyabean oil and refined sunflower oil was reduced from 17.5 percent to 12.5 percent.
The Consumer Affairs, Food, and Public Distribution Ministry had said then, that a reduction in import duty on refined sunflower oil and refined soyabean oil will benefit the consumers, as it will help in easing the domestic retail prices. The ministry had said, it is closely monitoring the prices of edible oil in the country and ensuring its adequate availability to consumers. (Inputs also from Reuters)