Govt Eases Import Duties On Edible Oils To Curb Inflation
Food Government News

Govt Eases Import Duties On Edible Oils To Curb Inflation

Govt Eases Import Duties On Edible Oils To Curb Inflation

The import tax on refined soybean oil has decreased from 17.5 per cent to 12.5 per cent, while the import tax on refined sunflower oil has decreased by a comparable percentage.

The decision to decrease charges is completely at odds with the market sentiment, which was anticipating a duty increase given the recent collapse in domestic and foreign edible oil prices.

According to traders, the decision to reduce taxes in the face of expectations for a rise demonstrates that the centre is gravely worried about food inflation as we approach a significant election year and that there are also real concerns about the fate of the southwest monsoon in 2023 during an El Nino year.

The Southwest monsoon has been 53 per cent below average as of June 14.

The duty difference between crude and refined soybean and sunflower oil, according to some dealers, is still significant enough to guarantee that shipments won’t arrive right away.

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