Delhi, Oct 2nd, 2022: To keep domestic prices under control, the central government on Sunday announced that the concessional custom duty levied on the import of edible oil will be extended till March 2023.
In a press release from the Ministry of Consumer Affairs, Food & Public Distribution, it said that the move is aimed at increasing domestic supply and keeping prices under control.
“Prices of edible oil have been on declining trend driven by fall in global prices. With falling global rates and lower import duties, retail prices of edible oils have fallen considerably in India”, it further said.
The current duty structure on crude palm oil, RBD Palmolein, RBD palm oil, crude soybean oil, refined soybean oil, crude sunflower oil, and refined sunflower oil remains unchanged till March 31, 2023. The import duty on crude varieties of palm oil, soyabean oil, and sunflower oil is currently zero. However, after taking into account 5 per cent agric and 10 per cent social welfare cess, the effective duty on crude varieties of these three edible oils touches 5.5 per cent.
The basic customs duty on refined varieties of palmolein and refined palm oil is 12.5 per cent, while the social welfare cess is 10 per cent. So, the effective duty is 13.75 per cent. For refined soya bean and sunflower oil, the basic customs duty is 17.5 per cent, and taking into account 10 per cent social welfare cess, the effective duty comes to 19.25 per cent.
