The reduced duty on imports of edible oils to India will be extended for another year
India will continue to import edible oil at a lower duty for another year – until March 2025, as the country, which is the world’s largest importer of oil, is trying to restrain domestic prices for these products.
Currently, the reduced duties on imports of crude palm, sunflower and soybean oils were to expire in March this year.
“This decision was expected, as the government is trying to keep prices down ahead of the elections. But it will not have any impact on local prices or import volumes,” said Sandeep Bajoria, CEO of Sunvin Group.
To reduce food prices, the Indian government has banned the export of non-basmati wheat and white rice from the country in 2022. This year, India stopped exporting sugar.
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