Daijiworld Media Network – New Delhi

New Delhi, Jun 11: In a bid to rein in soaring edible oil prices, the Centre has slashed the basic customs duty on crude edible oils—including sunflower, soybean, and palm oils—from 20% to 10%. The move is expected to lower retail prices and reduce inflationary pressure.

According to the Ministry of Consumer Affairs, the duty cut increases the gap between crude and refined oil import duties from 8.75% to 19.25%, incentivising domestic refining and discouraging imports of refined oils.

“This adjustment is aimed at addressing the price surge triggered by the 2024 duty hike and rising global rates,” the ministry said. Edible oil associations have been directed to pass on the benefit to consumers through reduced prices and updated MRP sheets.

The revised duty structure is expected to reduce the landed cost of oils, encourage refining within India, and ensure fair returns for farmers. The government has urged timely transmission of price cuts across the supply chain to ensure relief reaches consumers quickly.