Government Cuts Import Duty on Major Edible Oils to Provide Relief to Consumers

The Government of India has reduced the Basic Customs Duty (BCD) on major imported crude edible oils to moderate domestic prices, provide relief to consumers, and mitigate inflationary pressures caused by rising international prices. Specifically, the BCD on Crude Sunflower Oil has been cut from 10% to nil, and the BCD on Crude Soybean Oil and Crude Palm Oil has been reduced from 10% to 5%. Corresponding reductions have also been applied to refined edible oils, maintaining a 19.25% import duty differential between crude and refined oils to support domestic refining capacity and value addition. Additionally, the government has advised industry stakeholders and associations to immediately pass on the full benefit of duty reductions to consumers by revising prices.