India Cuts Import Duties on Palm Oil, Other Edible Oils

Last week on October 13, the Indian government announced it has cut import taxes on crude and refined palm oil, soybean oil and sunflower oil effective October 14, 2021 to March 31, 2022.  This was aimed at making the edible oils cheaper leading up to the forthcoming festive season and to curb high food inflation in the country. 

With the duty cuts, the effective import duty on CPO declined from 24.75 percent to 8.25 percent, and the effective import duty on refined grades of palm oil fell from 35.75 percent to 19.25 percent. Import taxes were also reduced on soybean oil and sunflower oil to 5.5 percent which is lower than palm oil duties.