Government cuts import duty on major edible oils to provide relief to consumers

The Government of India reduced the Basic Customs Duty (BCD) on major imported crude edible oils to moderate domestic prices amid rising international rates: BCD on Crude Sunflower Oil was cut from 10% to nil, while Crude Soybean Oil and Crude Palm Oil were cut from 10% to 5%. The BCD on the corresponding refined edible oils was also reduced, while maintaining a 19.25% duty differential between crude and refined oils to protect domestic refining capacity. The Government issued an advisory asking edible oil associations and industry to immediately pass on the benefit by revising Price to Distributors (PTD) and Maximum Retail Price (MRP), stating it will continue monitoring international and domestic prices for further action.