India, Sept. 24 -- The Government of India has reduced the Basic Customs Duty (BCD) on major imported crude edible oils to help moderate domestic prices, provide relief to consumers and contain inflationary pressures.
The BCD on crude sunflower oil has been reduced from 10% to nil, while the duty on crude soybean oil and crude palm oil has been cut from 10% to 5%. Duties on the corresponding refined edible oils have also been reduced, while maintaining a 19.25% differential between crude and refined oils.
The move comes amid a sharp rise in international edible oil prices, which has increased landed costs and domestic retail prices. Lower import duties are expected to reduce the landed cost of crude edible oils and facilitate the transmis...