India repudiates plans of reducing import duties on edible oils

Credible sources have confirmed that India, the world’s biggest vegetable oil importer has paused a proposition to lessen import duties on edible oils as cooking oil prices saw a decrease in the world market after scoring record highs mention two government and one industry official.

India was contemplating decreasing import duties after domestic soy oil and palm oil prices increased more than double in the past year, causing panic amongst people in addition to the fuel prices rising, incomes decreasing and the pandemic in full swing.

Government officials who choose to remain anonymous have reported that the import duties will not be decreased anymore as there is a need for a long-term solution and cutting duties is not a ‘sustainable solution.’ Another official added that the decision to not cut back on import duties was taken as the prices of oil were now getting back to normal and the overseas market price for oil is also cooling.

Even after the recent reduction in prices by more than 20%, Indian edible oil prices remain to be double than that they were last year. Due to this, the household usage of Indian edible oil is expected to reduce for as long as the price remains to be high. The capital is making efforts to increase the production of oilseed and reduce the reliance on high-priced imports of edible oil.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Privacy & Cookies Policy