On October 13, 2021, the Indian Ministry of Finance cut taxes on edible oil imports, which were cut for the fourth time since June.

This decision was made in order to reduce the growing retail prices for cooking oils.

The base customs duty on crude palm oil, crude soybean oil and crude sunflower oil was reduced from 2.5% to 0%.

The changes are effective from October 14, 2021 until the end of March 2022.

In addition, the base customs duty on food grade soybean oil, food grade sunflower oil, refined bleached deodorized (RBD) palm oil, RBD palm, RBD palm stearin, and any palm oil other than crude palm oil was reduced from 32.5% to 17.5%.

The move came after the government imposed restrictions on edible oils and oilseed stocks until the end of March to prevent stockpiling and lower prices. The government also suspended trading in mustard oil and oilseed futures on the National Commodity Exchange (NCDEX) from Oct. 8.

For reference: according to Ukroliyaprom, in January-July 2021, the main buyers of Ukrainian sunflower oil were the EU countries with a share of 29.6%, India – 27.2%, China – 16.4%.

Agroportal