The Ministry of Consumer Affairs, Food & Public Distribution (MoCAFPD) on July 26, 2023, issued a notification regarding the decline in prices of Refined Sunflower Oil, Refined Soybean Oil, and RBD Palmolien decreases by 29.04%, 18.98%, and 25.43% respectively over a year.
Further, in order to control and ease the prices of edible oils in the domestic market, the Government of India has taken the following steps:
• The basic duty on Crude Palm Oil, Crude Soyabean Oil, and Crude Sunflower Oil was cut from 2.5% to Nil. The Agri-cess on Oils was brought down from 20% to 5%. On December 30, 2022, this duty structure was extended until March 31, 2024.
• The basic duty on Refined Soybean oil and Refined Sunflower Oil was reduced to 17.5% from 32.5% and the basic duty on Refined Palm Oils was reduced from 17.5% to 12.5% on 21.12.2021. This duty has been extended up to March 31, 2024.
• The Government has extended the free import of Refined Palm Oils till further orders.
The import duty on Refined Sunflower Oil and Refined Soybean Oil has been reduced from 17.5% to 12.5% with effect from June 15, 2023.
[Release ID: 1942778]
