India reduces import duty on unrefined oils and continues duty-free import of yellow peas

India, the world’s largest importer of vegetable oils, halved the basic import duty on crude edible oils to 10% on Friday, the government said. The move applies to unrefined palm, soybean and sunflower oils and is aimed at reducing food prices and supporting the local processing industry, Reuters reported. The move will reduce the overall import duty on these oils from 27.5% to 16.5%, including additional levies such as agricultural infrastructure development tax and social security levy. The duty on refined palm, soybean and sunflower oils remains unchanged at 35.75%. The widening of the duty differential between crude and refined oils to 19.25% will encourage imports of unrefined oils, which will support the local processing industry. “This is a win-win situation for both vegetable oil processors and consumers as the duty reduction will lead to lower local prices,” said B.V. Mehta, executive director of the Oilseeds Association of India (SEA). The Indian government has also ...