India to allow edible oil imports at lower duty until March 2025
The Hindu
India extends lower import duty on edible oil until March 2025 to limit local prices, no impact on import patterns.
India will extend the import of edible oil at a lower duty by another year until March 2025, the Government said in a notification issued late on January 15 as the world's biggest importer of vegetable oil moves to limit local prices.
The lower import duty structure on crude palm oil, crude sunflower oil and crude soyoil was set to expire in March 2024.
"The decision was expected as the Government is keen to keep prices in check ahead of elections," said Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage.
India's annual retail inflation rose at the fastest pace in four months in December, driven by a rise in prices of some food items.
To bring down prices, the government banned wheat exports in 2022 and last year, prohibited overseas shipments of non-basmati white rice. New Delhi has also halted mills from exporting sugar this year.
India would continue with its export curbs on wheat, rice and sugar for now, Union Trade Minister Piyush Goyal said on Jan. 13.
"The notification is not changing the current duty structure. So, there won't be any impact on local prices or import patterns," Bajoria said.
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