Import duty on sunflower, soybean, palm oils cut 6% to ease retail prices

Tribune News Service

New Delhi, September 11

The import duty on palm, sunflower and soybean oils will go down by 6 per cent each from Sunday, two days after the Centre had asked states to direct retailers to prominently display the prices of all edible oil brands.

Govt may fix MRP

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• The Centre has hinted at fixing MRP if prices do not come down
• The government may have to relent on a major source of revenue
• Last year, it earned Rs45,000 crore from import bill of Rs1.2 lakh crore

The import duty cut on edible oils is another move to reduce the prices that have gone through the roof. The step also means that the government is relenting on a major source of revenue. Last year, it had earned Rs 45,000 crore from an edible oil import bill of Rs 1.2 lakh crore.

Senior officials have said a good kharif crop and falling global price trends would also help reduce retail prices of edible oils whose consumption by a growing middle class has shot up since the mid-90s.

For imports from Malaysia and Indonesia, crude palm oil import duty will be 24.75 per cent and on RBD (refined, bleached and deodorised) palm oil, it will reduce to 35.75 per cent. For imports from Argentina and Brazil, the new rate on crude degummed soybean oil will be 24.75 per cent and on refined soybean oil, 35.75 per cent.