Import duty on refined soybean, sunflower oils slashed to 12.5%

New Delhi, June 15

The government has reduced the import duty on refined soybean and sunflower oils to 12.5% from 17.5% with effect from Thursday to boost the domestic availability and check prices, a finance ministry notification said.

With this reduction, the effective duty on refined edible oils stands at 13.7%, including cess on social welfare. The effective duty on all major crude edible oils is 5.5%.

Commenting on this, Solvent Extractors’ Association of India executive director BV Mehta said the move may have some temporary impact on market sentiments but unlikely to attract imports.

“Basically, government wants to keep the prices of edible oils under check. Even with less duty difference between crude and refined soya and sunflower oils, chances of shipment of refined soya and sunflower oil may not be commercially viable but have some temporary sentiment impact on market,” Mehta said.

Currently, there is no import of refined soybean and sunflower oils. PTI

Move to check prices

With this reduction, the effective duty on refined edible oils stands at 13.7%, including cess on social welfare