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India keeps edible oil import duty lower until March 2025, imposes 50% export tax on molasses
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lower import duty on edible oil by a year, till March 2025. The lower import duty structure on crude palm oil, crude sunflower oil, and crude soy oil was originally set to expire in March, this year.
India is the world's biggest importer of vegetable oil.
The government, in 2021, slashed the import duty on edible oils at a time when international prices were very high. Duties were further slashed in June 2023.
In another notification, the government imposed a 50% export duty on molasses, effective from Thursday, «This notification shall come into force on the 18th of January, 2024,» the gazette notification read.
About this in other media
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