Restructuring of Import Duty on crude edible Oil

The Cabinet Committee on Economic Affairs has given its approval for the enhancement of import duty on crude edible oils from 0 to 2.5 percent, while retaining the present import duty of 7.5 percent on all refined edible oils. This has been done with the objective to shore up the price payable to farmers for Fresh Fruit Bunches of oil palm, which is linked to the landed price of Crude Palm Oil (CPO). With enhanced duty on CPO, price payable to farmers will increase by around Rs. 150 per MT.

Impact of enhanced duty on prices of edible oils would be negligible at less than Rs. 1 per kg. The price may be further moderated on account of the huge stocks of palm oil in Malaysia and Indonesia, which may force these countries to lower the export duty currently levied in an effort to boost their exports.

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SC/SH
(Release ID :91662)

Source: http://pib.nic.in/newsite/erelease.aspx?relid=91662

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