The main buyer of Ukrainian sunflower oil, India, reduced duties

Published 2021년 10월 19일

Tridge summary

The Indian Ministry of Finance has lowered the customs duty on edible oil imports, including crude palm, soybean, and sunflower oil, from 2.5% to 0%. The reduced rate will be effective from October 14, 2021, to March 2022. Additionally, the duty on food grade soybean, sunflower, and refined palm oils has been decreased from 32.5% to 17.5%. This decision aims to address the rising retail prices for cooking oils. The government has also implemented restrictions on edible oils and oilseed stocks to prevent stockpiling until the end of March.

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Original content

On October 13, 2021, the Indian Ministry of Finance cut taxes on edible oil imports, which were cut for the fourth time since June. This decision was made in order to reduce the growing retail prices for cooking oils, writes Oilworld.ru. The base customs duty on crude palm oil, crude soybean oil and crude sunflower oil was reduced from 2.5% to 0%. The changes will take effect from October 14, 2021 to the end of March 2022. In addition, the base customs duty on food grade soybean oil, food grade sunflower oil, refined bleached deodorized (RBD) palm oil, RBD palm, RBD palm stearin, and any palm oil other than crude palm oil was reduced from 32.5% to 17.5%. The move came after the government imposed restrictions on edible oils and oilseed stocks until the end of March to prevent stockpiling and lower prices. The government also ...

Source: AgroPortal.ua