New Delhi: As part of measures to rein in the prices of essential food items, the Government on Monday cut the import duty on edible oil by 5-10 per cent in a move that could see prices fall by up to Rs. 4 a kg at the retail level.
Customs duty on crude palm oil has been reduced to 45 per cent from 50 per cent, and on refined palmolein RBD (Refined, Bleached, Deodorised) to 52.7 per cent from 57.5 per cent, a spokesperson of the Central Board of Excise and Customs said.
Duty on crude soyabean oil has been reduced from 45 to 40 per cent, while on crude sunflower oil it has been lowered to 40 per cent from 50 per cent. The tariff on refined sunflower oil has been reduced to 50 per cent from 60 earlier. Reacting to the cut, the edible oil industry said this could pave the way for a decline in retail prices by about Rs. 4 a kg for sunflower and about Re. 1 in palm oil and soya oil. — PTI