India’s Concessional Import Duties on Edible Oils Extended Till March 2023

The food ministry in India said concessional import duties on specified edible oils are in place until March 2023, reports the Business Standard on October 02.  The decision was taken on August 31, 2022 by the Central Board of Indirect Taxes and Customs (CBIC) to boost domestic supply thus keep retail prices under control.

According to a food ministry statement, the current duty structure on crude palm oil, RBD palm olein, RBD palm oil, crude soybean oil, refined soybean oil, crude sunflower oil, and refined sunflower oil remain unchanged until March 31, 2023.  The effective duty on crude palm oil, crude soybean oil, and crude sunflower oil is 5.5 percent while that of refined palm olein and refined palm oil is 13.75 percent.  For refined soybean oil and sunflower oil, the effective duty is 19.25 percent.