Government of India may Plan to Cut Effective Import Duty on Edible Oils

Edible Oils prices have shot up in recent year, souring consumers' pockets. Indonesia's complete ban on exports of palm oil, further tightened the supply side which was already affected due to Ukraine-Russia war. Government of India is closely tracking oils prices to curb the prices rise. In past year, GOI had intervened with several policy measures to ensure curb in rising prices, however, recent international market development has further fueled the price rise. GOI is may plan to further revise edible oils' effective import duty at lower side. Recently, Agri-Cess on Crude palm oil  was lowered in February from 7.5% to 5% to curb the prices.

According to Media houses, GOI is in planning to consider Rice bran oil as an alternative to palm oil, and is in talks with the exporter countries to lower the export duty.