Protecting Farmers
Govt sharply hikes import duties on crude and refined edible oils
This story was originally published at 10:59 IST on 14 September 2024
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NEW DELHI – The government raised import duty on crude and refined edible oils late Friday to help farmers get better prices for kharif oilseeds, after rates dropped below their minimum support prices.
Earlier in the day, Informist had exclusively reported quoting two senior government officials that the government is likely to raise import duties on a few edible oils by Tuesday to support domestic prices and promote oilseed cultivation.
While the basic customs duty on crude palm oil, soybean oil, and sunflower seed oil has been increased to 20% from nil, that on refined palm oil, soybean oil, and sunflower oil was hiked from 12.5% to 32.5%.
The effective import duty on crude oils will increase to 27.5% from 5.5 and that on refined oils will rise to 35.75% from 13.75%.
The 5% agricultural infrastructure development cess will apply in addition to the import levy. The decision to increase the customs duty on edible oils comes along with the government's decision to scrap the minimum export duty on onion and basmati rice, cut wheat stock limit, and allow imports of yellow peas duty-free until Dec 31.
In June 2023, the Centre reduced import duty on refined palm oil, soybean oil, and sunflower oil to 12.5% from 17.5%. With social welfare cess of 10%, the effective duty on refined edible oils came to 13.75%. End
Reported by Pallavi Singhal
Edited by Deepshikha Bhardwaj
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