New Delhi: In a move that could ease prices of edible oil in the country, the government of India has reduced import duty on Palm oil to 10 per cent from the existing 15 per cent.
The department of Revenue has issued a notification dated 29th June in this regard. The notification will come into effect from 30th June till 30th September.
To give immediate relief to consumers, Govt. led by PM @NarendraModi ji has reduced the import duty on crude palm oil to 10%. This will help lower retail prices of edible oils in the domestic market. pic.twitter.com/HLSHhoY6JA
— Piyush Goyal (@PiyushGoyal) June 29, 2021
“To give immediate relief to consumers, Govt. led by PM @NarendraModi ji has reduced the import duty on crude palm oil to 10%. This will help lower retail prices of edible oils in the domestic market” twitted union Minister for Commerce and Railways Piyush Goel.
The news comes close on the heels of a cut in export tax and levy from Indonesia – the largest producer of palm oil.
India is the largest buyer of vegetable oils in the world and palm oil accounts for almost 60 per cent of its total vegetable oil imports.