Govt Cuts Edible Oil Import Duty To 10% To Reduce Prices

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New Delhi: The government, in order to bring down edible oil prices has reduced the basic customs duty on crude oils by 10 per cent points. The move,  effective from Friday, is expected to make palm oil, soyoil, and sunflower oil more affordable for consumers.

This decision brings the effective duty down to 16.5 per cent, following a sharp rise in edible oil prices—up by 17.4 per cent in April, as per retail inflation data. Global price hikes have pushed up edible oil costs despite a bumper mustard harvest in India. On average, mustard oil is now selling at over Rs 170 per litre—about 25 per cent higher than usual.

As of May 28, palm oil prices have jumped 34 per cent from last year, reaching Rs 134 per litre. Sunflower oil is up 30 per cent, while soy oil has seen a smaller increase of 18 per cent, now selling at Rs 147 per litre in the domestic market.