Edible oils, like gasoline and diesel, have been on the rise in the domestic market for some time due to rising inflation. To help consumers, the Central government permitted duty-free imports of crude soyabean oil and crude sunflower oil worth a total of 20 lakh metric tons on Tuesday.
The duty-free import is for this year (2022-23) as well as 2023-24, according to the Finance Ministry’s announcement. This means that up to 80 lakh MT of crude soyabean oil and crude sunflower oil could be imported duty-free till March 31, 2024. The exemption is expected to help keep domestic costs down and inflation under control.
The Central Board of Indirect Taxes and Customs (CBIC) said on Twitter that “this will bring tremendous relief to consumers.” India could reduce an import duty on crude soyabean and crude sunflower oil, according to trade and government officials.
The government’s efforts to lower vegetable oil costs, which had already risen sharply in recent months, have been hampered by Russia’s invasion of Ukraine. India imports more than two-thirds of its edible oil, and a significant decline in sunflower supplies from the Black Sea region has caused prices to jump even further.
This decision is expected to provide some respite to consumers from rising prices of necessary and everyday commodities, according to the central government.
