Govt Allows Duty-free Import Of 2 Million Metric Tonnes Of Crude Soyabean, Sunflower Oil In A Bid To Tame Surging Prices

by Swarajya Staff - May 24, 2022 10:51 PM +05:30 IST
Govt Allows Duty-free Import Of 2 Million  Metric Tonnes Of Crude Soyabean, Sunflower Oil In A Bid To Tame Surging Prices
(Palm oil/file photo)
Snapshot
  • Earlier today, there were reports that the government was muling a cut in import levy on soybean and sunflower oils, as part of measures India has taken to tame surging local prices of food.

The government on Tuesday exempted customs duty and agriculture infrastructure development cess on 20 lakh metric tonnes yearly import of crude soyabean and sunflower oil, to ease domestic prices.

The duty-free import of 20 lakh MT per year will be applicable for two FYs (2022-23, 2023-24) for crude soyabean oil and crude sunflower oil, the Finance Ministry said in a notification.

The exemption will help cool domestic prices and control inflation.

"This will provide significant relief to the consumers, the CBIC tweeted.

Last week to control spiralling prices, the government had cut excise duty on petrol and diesel and also waived import duty on some raw materials used in steel and plastic industry. Besides, export duty was hiked on iron ore and iron pellets.

A rise in price across all items from fuel to vegetables and cooking oil pushed WPI or wholesale price inflation to a record high of 15.08 per cent in April and retail inflation to a near eight-year high of 7.79 per cent.

High inflation prompted the Reserve Bank to hold an unscheduled meeting to raise the benchmark interest rate by 40 basis points to 4.40 per cent earlier this month.

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