GOVERNMENT REDUCES CUSTOMS DUTY ON IMPORTED EDIBLE OILS

The Government of India has reduced the Basic Customs Duty on imported crude edible oils (sunflower, soyabean, and palm oil) from previously 20% to now 10% This step will reduce the landed cost and retail prices of edible oils in India providing relief to consumers and helping to control the overall inflation. The revised duty structure will discourage the import of refined edible oils and rather boost the imports of crude edible oils which will encourage domestic refining industry. FMCG companies like

will benefit from this cheaper edible oil as it is their basic raw material in production of processed foods.