Govt reduces import duty to rein in prices of edible oils

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NEW DELHI: The government has reduced import duty on edible oils with immediate effect, which may cool down the prices of these key kitchen items. According to a finance ministry notification, the base import duty on crude palm oil has been reduced to 2.5% from 10%, while the tax on crude soyaoil and crude sunflower oil has been reduced to 2.5% from 7.5%.
With this reduction, the effective duty, which includes agri cess on crude palm oil, crude soyaoil and crude sunflower oil will come down to 24.75% from the earlier 30.25%. In case of refined palm oil, soyoil and sunflower oil, the effective duty will be 35.75% from 41.25%, according to a food ministry statement.
The fresh round of cuts could bring down the retail prices by Rs 4-5 per litre, said B V Mehta, executive director of Solvent Extractors Association (SEA). “The current domestic bullishness in edible oils is spearheaded…

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