The Centre has reduced the basic customs duty on crude edible oil, including crude sunflower, soybean, and palm oils, from 20 per cent to 10 per cent. This has resulted in the import duty differential between crude and refined edible oils from 8.75 per cent to 19.25 per cent. 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.
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