India cuts import duty on refined soy, sunflower oils

New Delhi [India], June 15 : India has reduced customs duty on imports of refined soyabean oil and refined sunflower oil to 12.5 per cent from 17.5 per cent, according to an official notification.

The notification will come into force with immediate effect and till March 31, 2024., the notification said.

India is the world's largest vegetable oil buyer, and it meets 60 per cent of its requirement through imports. A large part of it is palm oil, soybean oil, sunflower oil and their derivatives.

The government has earlier exempted customs duty and agriculture infrastructure development cess on 20 lakh metric tonnes yearly import of crude soybean oil and crude sunflower oil each, to ease domestic prices.

A meeting was held Friday between the food department and the leading edible oil industry representatives in India to discuss a further reduction in the retail prices of edible oils amidst a continued fall in their global prices.

At the start of June, a meeting was held between the food department and the leading edible oil industry representatives in India to discuss a further reduction in the retail prices of edible oils amidst a continued fall in their global prices.

It was the second meeting the Department of Food and Public Distribution convened within a month with the industry representatives.

The industry has been advised to ensure that the entire benefit of the reduced international prices is passed on to the consumers.