Customs duty on crude palm oil reduced to 40 per cent

New Delhi, July 24 (UNI) In order to check spiralling prices, the Government today announced a cut in customs duty on a range of edible oils between 5-10 per cent, a finance ministry notification here said.

The customs duty on crude palm oil has been cut down to 45 per cent from 50 per cent and on refined palmolein RBD to 52.7 per cent from 57.5 per cent.

India imports palm oils from Malaysia and Indonesia and soy oils from South America.

Select edible oil prices declined in the wholesale oils and oilseeds market after government announced a cut in import duty on edible oils along with subdued advices from producing regions.

Duty on crude soyabean oil has been reduced from 45 to 40 per cent, while on crude sunflower oil it has been lowered to 40 per cent from 50 per cent.

The tariff on refined sunflower oil has been reduced to 50 per cent from 60 earlier.

UNI