India Cuts Edible Oil Import Duties Ahead of Festive Season
MT Newswires Live
Sep 24
India has cut the basic customs import duty on crude and refined palm, soybean, and sunflower oils, according to a government notification issued late Wednesday.
The import duty on crude palm oil and crude soybean oil was reduced to 5% from 10%, while the rate on refined palm oil and refined soybean oil was lowered to 27.5% from 32.5%.
For sunflower oil, the duty on crude oil was cut to nil from 10%, while the rate on refined oil was reduced to 22.5% from 32.5%.
The cuts are expected to lower edible oil prices and support consumption during the major religious festivals from September to November.
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