NewzVille Desk
The Centre has reduced the basic customs duty on crude edible oil including crude sunflower, soybean, and palm oils from 20 percent to 10 percent. This has resulted in the import duty differential between crude and refined edible oils from 8.75 percent to 19.25 percent.
The Ministry of Consumer Affairs, Food and Public Distribution said that this move aims to reduce the landed cost and retail prices of edible oils, providing relief to consumers and helping to curb overall inflation. The reduced duty will also encourage domestic refining and ensure fair compensation for farmers.
An advisory has been issued to edible oil associations and industry stakeholders to ensure that the full benefit of the reduced duty is passed on to consumers.
