The Central Government has announced a reduction in the basic import duty on edible oils. The Department of Food and Public Distribution issued a notification, on June 14, 2023, stating that the basic import duty on refined soyabean oil and refined sunflower oil has been reduced from 17.5% to 12.5% with immediate effect. This reduction will be in effect until March 31, 2024.
The decision comes as a part of the government's ongoing efforts to reduce the prices of edible oils in the domestic market. The basic import duty plays a crucial role in determining the landed cost of edible oils, which subsequently affects domestic prices. By lowering the import duty on refined sunflower oil and refined soyabean oil, the government aims to benefit consumers and alleviate the burden of high retail prices.
It is noteworthy that the import duties on refined soyabean oil and refined sunflower oil were previously reduced from 32.5% to 17.5% in October 2021. This step was taken in response to the elevated international prices of edible oils, which had a direct impact on domestic prices.
The Department of Food and Public Distribution, under the Ministry of Consumer Affairs, Food and Public Distribution, is actively monitoring the prices of edible oil in the country. The department remains committed to ensuring the sufficient availability of edible oils to consumers. The recent reduction in import duty is expected to further augment the government's measures to stabilize and lower edible oil prices.
With this new development, consumers can anticipate a positive impact on the retail prices of edible oils in the coming months. The government's focus on creating a favourable environment for affordable edible oil prices demonstrates its commitment to the well-being and economic welfare of the citizens.
