Govt allows duty-free import of 20 lakh tn per year of crude soyabean, sunflower oil

Tags: Economics/Business

The government on May 24 waived off customs duty and Agriculture Infrastructure Development Cess on 20 lakh metric tonnes of annual import of crude soybean and sunflower oil to reduce domestic prices.

• Duty free import of 20 lakh metric tonnes per annum for crude soybean oil and crude sunflower oil will be applicable for two financial years i.e, 2022-23, 2023-24.

• It will help in reducing domestic prices and control inflation.

• Last week, to control inflation, the government cut excise duty on petrol and diesel and exempted import duty on some raw materials which are used in the steel and plastics industry.

• A rise in prices of all commodities from fuel to vegetables and cooking oil led wholesale price inflation to a record high of 15.08% in April, 2022 and retail inflation to an eight-year high of 7.79%.

• India mainly imports palm oil from two countries Malaysia and Indonesia.

• Whereas other oils such as soya and sunflower come from Argentina, Brazil, Ukraine and Russia.