India slashing import duty on edible oils
On October 13, the Finance Ministry of India slashed import duty on edible oils to bring down retail prices. The change is effective till the end of March 2022. This was already the fourth time since June 2021 that the government resorted to such a measure, UkrAgroConsult reports.
The basic customs duty on crude palm oil, crude soybean oil and crude sunflower oil has been reduced from 2.5% to naught.
The basic customs duty on edible soybean oil, edible sunflower oil, refined bleached deodorized (RBD) palm oil, RBD palmolein, RBD palm stearin and any palm oil other than crude palm oil has been cut from 32.5% to 17.5%.
In addition, the government imposed stock limits on edible oils and oilseeds till the end of March to prevent hoarding and to lower prices. Also, futures trading in mustard oil and oilseeds on the National Commodity and Derivatives Exchange (NCDEX) had also been suspended from October 8.
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