Import Duty On Edible Oil

The government has asked edible oil processors not to hike retail prices following recent increase in import duties, as there is enough stock of cooking oils that were shipped at a lower duty. The food ministry said the stocks imported at lower duties would easily last 45-50 days, and therefore the processors should refrain from increasing maximum retail prices (MRP). Last week, the Centre implemented an increase in the basic customs duty on various edible oils to support domestic oilseed prices. Effective September 14, 2024, the basic customs duty on crude soyabean oil, crude palm oil, and crude sunflower oil has been raised to 20 per cent from nil, making the effective duty on crude oils to 27.5 per cent. Additionally, the basic customs duty on refined palm oil, refined sunflower oil, and refined soyabean oil has been increased from 12.5 per cent to 32.5 per cent, making the effective duty on refined oils to 35.75 per cent. On Tuesday, Food Secretary Sanjeev Chopra chaired a mee

Move seeks to ensure adequate quantities for ethanol blending and keep inflation in check

The step is consistent with the government's intent to curb the rise in edible oil prices in the country

Mindful of an electorate that is highly sensitive to food price inflation, India's government tried to rein in domestic prices by reducing import taxes

On Monday, the Solvent Extractors' Association of India (SEAI) asked its members to stop buying palm oil from Malaysia

Sources said India is looking for options to reduce import from Malaysia in a retaliatory action against PM Mahathir Bin Mohamad's recent call in the UN on India's abrogation of Article 370 in J&K

India raised its import tax on crude palm oil to 30 per cent from 15 per cent, while the duty for refined palm oil has been raised to 40 per cent from 25 per cent

Prices may rise Rs 5-6 per kg, traders see no big drop in imports

Industry welcomes move, says will make domestic edible oilseed extraction and refining competitive