Edible oil duty halved to tame inflation

India on Friday slashed basic customs duty on crude palm oil, crude soyabean oil, and crude sunflower oil to 10% from earlier 20% for one year.

The new duty will be effective May 31, a Central Board of Indirect Taxes and Customs notification said.

In September last year, the Centre had raised the basic customs duty on edible oils to support oilseed farmers. The move is aimed at meeting domestic demand, leading to increased imports of palm oil, soybean oil, and sunflower oil, and to tame food inflation by lowering edible oil prices.


In FY24, India produced a total of 39.7 million tonnes (MT) of oilseeds, compared to 41.4 MT in FY23, 38 MT in FY22, 35.9 MT in FY21, and 33.2 MT in FY20, according to data from the Directorate of Oilseeds Development. -Our Bureau