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20 lakh MT of imports allowed duty-free for two years, to temper inflation pressures
20 lakh MT of imports allowed duty-free for two years, to temper inflation pressures
In a bid to cool inflation in edible oils, the Centre on Tuesday allowed duty-free import of 20 lakh metric tonnes each of crude soyabean oil and crude sunflower oil for this year as well as 2023-24.
Retail inflation in edible oils and fats was 18.8% in March and 17.3% in April, and sunflower oil imports have been constricted due to the ongoing Russia-Ukraine conflict since February 24.
The Ministry has notified the duty structure changes which will become operational from May 25, stating that this would provide significant relief to consumers. Ukraine was the world’s largest sunflower oil exporter before the conflict began and India has been striving to tap alternate supplies from rival Russia and countries like Argentina.
Earlier, in October, the government had reduced the basic import duties on edible oils amid runaway prices. The import duty on crude palm oil had been slashed to 2.5%, from 10%, while those on crude soya and sunflower oils were cut to 2.5%, from 7.5%.
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