In a move to control rising food prices, the Indian government has halved the basic customs duty on crude edible oils from 20% to 10%. This reduction applies to crude palm oil, crude soybean oil, and crude sunflower oil, effectively lowering the total import duty from 27.5% to 16.5%. The Economic Times
Key Points:
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Basic customs duty reduced from 20% to 10%
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Total import duty now at 16.5%
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Applies to crude palm, soybean, and sunflower oils
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Aims to make cooking oils more affordable
👉 Why this matters: Lower import duties on essential cooking oils by India are expected to reduce retail prices, providing relief to consumers and helping to manage inflation. ETRetail.com+4The Economic Times+4The Financial Express+4
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