Consumers would now have to pay less for edible oils as the Indian government has reduced basic import duty on refined soyabean oil and refined sunflower oil by 5 per cent, which is effective from Thursday.
The import duty on refined soybean oil and refined sunflower oil has been decreased from 17.5 percent to 12.5 percent.
This measure will further support the government’s previous efforts to decrease the prices of edible oils in the domestic market.
The basic import duty is an important factor which impacts the landed cost of edible oils which in turn affects the domestic prices.
The reduction in import duty on refined sunflower oil and refined soybean oil will prove advantageous to consumers by alleviating domestic retail prices.
In October 2021, the import duties on refined soybean oil and refined sunflower oil were decreased from 32.5 percent to 17.5 percent.
This was done as during the year 2021, the international prices were very high, which was getting reflected in the domestic prices as well, official sources said.
