Cut in customs duty on edible oil imports extended by a year

India is the world’s largest importer of edible oil as it meets 60 per cent of its requirement through imports.

IANS

Updated:22nd Dec, 2023 at 5:30 PM

NEW DELHI: The Central government has extended the reduced customs duty applicable to edible oil imports by a year in order to keep prices in check.

The government had initially in June this year lowered the basic customs duty on crude palm oil, crude sunflower oil and crude soya oil from 17.5 percent to 12.5 percent till March 2024 as prices were spiraling out of control. This date for the reduced duty to be applicable has now been extended to March 2025.

India is the world’s largest importer of edible oil as it meets 60 per cent of its requirement through imports.

The country buys palm oil mainly from Indonesia, Malaysia and Thailand while it imports soybean and sunflower oil from Argentina and Brazil.

Cut in customs duty on edible oil imports extended by a year

India is the world’s largest importer of edible oil as it meets 60 per cent of its requirement through imports.

Also Read

Moderate rain likely across Tamil Nadu till July 27

Chennai Corporation invites tenders for new AC bus shelter at Anna Square

CB-CID to probe custodial death of Nagercoil inmate

Arivu clarifies he did not meet CM Vijay after Secretariat protest, reiterates call to scrap NEET

Opposition parties hold protest in Parliament premises; demand resignation of Shah, Pradhan