In a move to ensure the availability of edible oil at affordable prices, the Central Government has taken a significant step by reducing the Basic Import Duty on Edible Oils. Ministry of Consumer Affairs, Food & Public Distribution has released a press release on this matter on 15th June, 2023.
The Department of Food and Public Distribution has issued an order 14th June, 2023, stating that the Basic Import Duty on Refined Soyabean Oil and Refined Sunflower Oil has been lowered from 17.5% to 12.5% with immediate effect. This reduction will remain in effect until 31st March, 2024.
The decision comes as part of the government’s efforts to implement measures aimed at reducing 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 their prices in the domestic market. By lowering the Import Duty on Refined Sunflower Oil and Refined Soyabean Oil, the government aims to benefit consumers and ease domestic retail prices.
Previously, the Import Duties on Refined Soyabean Oil and Refined Sunflower Oil were reduced from 32.5% to 17.5% in October 2021. This action was taken due to the high 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, remains vigilant in monitoring the prices of Edible Oils within the country and ensuring their sufficient availability to consumers.
