India Hikes Import Duties on Edible Oils by 32.5% and 20% to Support Farmers

Sep 14, 2024, 04:34 AM

India has announced significant changes to its import duties on edible oils and onions. The government has increased the basic customs duty on refined palm, soybean, and sunflower oil from 12.5% to 32.5%, effective September 14. Additionally, the import duty on crude and refined edible oils has been raised by 20%. This move aims to support local farmers by increasing the prices they receive for their produce. Maharashtra Deputy Chief Minister Devendra Fadnavis stated that soybean farmers would benefit directly from the increased import duties. Furthermore, Maharashtra Chief Minister Eknath Shinde expressed gratitude to Prime Minister Narendra Modi for removing the minimum duty on onion exports, which had previously been imposed despite the lifting of the export ban.