Government Cuts Import Duty on Major Edible Oils to Provide Relief to Consumers

India, Sept. 24 -- The Government of India has issued a release:

The Government of India has reduced the Basic Customs Duty (BCD) on major imported crude edible oils with a view to moderating domestic edible oil prices, providing relief to consumers and mitigating inflationary pressures arising from the sharp increase in international edible oil prices.

Accordingly, the BCD on Crude Sunflower Oil has been reduced from 10% to Nil, while the BCD on Crude Soybean Oil and Crude Palm Oil has been reduced from 10% to 5%. The Government has simultaneously reduced the applicable BCD on the respective refined edible oils while maintaining an import duty differential of 19.25% between crude and refined edible oils.

The duty rationalization takes i...