India Cuts Soya Oil and Sunflower Oil Import Duties

The Indian government has reduced the import duty on soya oil and sunflower oil recently in a bid to control edible oil prices, according to AgriCensus report.  The order was published in the government’s official gazette on 20 August.  The tax cut took effect immediately and would last until the end of September, according to the report, but could be extended if prices remained high. 

Following the move, soya oil and sunflower oil imports would be subject to an effective tax rate of 30.25%, from the original 38.5%, a net reduction rate of 8.25%, the report said.In an earlier effort to lower edible oil prices, the Indian government had lowered the import duty for palm oil (CPO) and refined palm oil (RBD) on 30 June, effective until 30 September, the report said.