Govt Cuts Import Duty on Crude Edible Oils

The Centre has reduced the Basic Customs Duty (BCD) on major crude edible oils to help contain rising domestic prices amid higher global edible oil rates.

The duty on crude sunflower oil has been cut from 10% to zero, while the BCD on crude soybean and crude palm oils has been reduced from 10% to 5%. Duties on refined edible oils have also been revised, while maintaining a 19.25% duty difference between crude and refined oils.

The government said the move will lower import costs and help pass on the benefit to consumers. Edible oil associations and industry players have been asked to immediately reduce distributor prices and Maximum Retail Prices in line with the lower import costs.