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Basic Import Duty on Refined Soyabean oil and Refined Sunflower Oil reduced from 17.5% to 12.5%

in Business June 15, 2023 Comments Off on Basic Import Duty on Refined Soyabean oil and Refined Sunflower Oil reduced from 17.5% to 12.5% 345 Views

Newdelhi:15/6/23:In order to ensure availability of edible oil to consumers at affordable prices, the Central Government has reduced the Basic Import Duty on Edible Oils. An order to this effect was issued by the Department of Food and Public Distribution vide Notification No. 39/2023 – Customs, dated 14th June, 2023 wherein the Basic Import Duty on Refined Soyabean Oil (HS Code 15079010) and Refined Sunflower Oil (HS Code 15121910) has been reduced from 17.5% to 12.5% with effect from today. This will remain in force till 31st March, 2024.

The decision is expected to augment the earlier measures taken by the Government to reduce the prices of Edible Oils in the domestic market. The Basic Import Duty is an important factor which impacts the landed cost of Edible Oils which in turn affects the domestic prices. Reduction in Import Duty on Refined Sunflower Oil and Refined Soyabean Oil will benefit the consumers, as it will help in easing the domestic retail prices.

The Import Duties on Refined Soyabean Oil and Refined Sunflower Oil were last reduced from 32.5% to 17.5% in October, 2021. This was done as during the year 2021, the international prices were very high, which was getting reflected in the domestic prices as well.

The Department of Food and Public Distribution, Ministry of Consumer Affairs, Food and Public Distribution is closely monitoring the prices of Edible Oil in the country and ensuring its adequate availability to consumers.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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