The Indian government significantly cut Basic Customs Duty (BCD) on crude soybean, sunflower, and palm oil from 20% to 10% to ease the impact of surging edible oil prices. The gap between duties on crude and refined oils widened from 8.75% to 19.25%.
In response to higher edible oil prices due to a duty increase in September 2024 and global market trends, the government has advised edible oil associations and industry stakeholders to pass on duty savings to consumers.
The government aims to boost domestic refining capacity and cut refined oil imports with a 19.25% duty gap between crude and refined oils. Lowering crude oil import duty can reduce landed costs and retail prices, easing consumer burdens and curbing inflation. The import duty on edible oils plays a vital role in product costs and domestic prices.
Sources News From Various Digital Platforms, Websites, Journalists, And Agencies.
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