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Informist, Friday, May 30, 2025

 

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--Govt halves basic custom duty on sunflower, palm, soybean oils to 10% 
--Govt cuts social welfare charge on soyoil to 1.5% from 2.5% 
--Govt cuts social welfare charge on sunflower, palm oil to 1.5% from 2.5% 
--Govt extends duty-free imports of yellow peas till Mar 31, 2026
--CONTEXT: Duty-free imports of yellow peas expires on Saturday

 

MUMBAI – The Centre has decided to extend duty-free imports of yellow peas till March 31, 2026 and reduced the basic customs duty on crude palm oil, crude soybean oil and crude sunflower oil by 10%, according to a notification by the Ministry of Finance, released late Friday. 

 

Earlier, the government had allowed duty-free imports of yellow peas till May 31.

 

With immediate effect, the duty on the above-mentioned edible oils is cut to 16.5% from 27.5%, according to the notification. The basic customs duties have been halved to 10% from 20?rlier, and the social welfare surcharge has been cut down to 1.5% from 2.5%, it said. India meets more than 70% of its vegetable oil demand through imports. It buys palm oil mainly from Indonesia, Malaysia and Thailand, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.

 

The government had in September 2024 hiked the duty on refined vegetable oil imports to help local farmers secure better prices for their kharif oilseeds. The basic customs duty on crude palm, soybean and sunflower oils was raised from 5.5% to 27.5%, while the duty on refined grades was set at 35.75%, thereby making imports more expensive.

 

"We compliment the government for bold decision and this is a win-win situation for vegetable oil refiners as well as consumers, as local price will go down due to lower duty on crude oils," said BV Mehta, executive director, the Solvent Extractor's Association of India.  End

 

Reported by Taniva Singha Roy

Edited by Deepshikha Bhardwaj 

 

 

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