The Indian government has opted to prolong the ongoing reduction in customs duty on imported edible oils for another year, aiming to stabilize market prices.
Initially implemented in June to counter soaring prices, the reduction saw a decrease in the basic customs duty on crude palm oil, crude sunflower oil, and crude soyoil from 17.5 percent to 12.5 percent until March 2024. This extension pushes the revised duty deadline further to March 2025.
India, heavily reliant on imports for 60 percent of its edible oil needs, remains the globe's largest importer in this category. Palm oil primarily arrives from Indonesia, Malaysia, and Thailand, while soybean and sunflower oil predominantly hail from Argentina and Brazil.
(With Agency Inputs)
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