On Tuesday, the Indian government announced a one-year extension of the reduced import duty on edible oil, effective until March 2025. The initially scheduled expiration of the lower import duty on crude palm oil, crude sunflower oil, and crude soy oil was set for March this year.
India is the largest global importer of vegetable oil. In 2021, the government took measures to alleviate the impact of soaring international prices by slashing the import duty on edible oils. This trend continued with further duty reductions in June 2023.
In another notification, the government imposed a 50% export duty on molasses, effective from Thursday, “This notification shall come into force on the 18th of January, 2024,” the gazette notification read.
Continue Exploring: India’s edible oil imports surge to record highs in FY 2022/23: Palm Oil and sunflower oil soar, while soyoil declines
