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Govt cuts import duty on refined soybean, sunflower oils to 12 5%

Govt cuts import duty on refined soybean, sunflower oils to 12 5%
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indian oil import duty: India cuts base import duty on refined soyabean oil, sunflower oil by 5%

India, the largest importer of refined oil, has slashed import duty on refined sunflower and soyabean oil to 12.5 per cent with effect from June 15. The government decision is expected to augment local prices of oil. Previously, the government had cut the import duty from 32.5 per cent to 17.5 per cent in 2021.

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Govt cuts import duty on refined soybean & sunflower oils to 12 5 pc

The government has reduced the import duty on refined soybean and sunflower oils to 12.5 per cent from 17.5 per cent with effect from Thursday to boost the domestic availability and check prices, a finance ministry notification said.

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Govt cuts import duty on refined soybean & sunflower oils to 12 5 per cent

Govt cuts import duty on refined soybean & sunflower oils to 12 5 per cent
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Currency - Rupee likely to remain under pressure in near term: Experts

After grouping OPEC decided to cut output by 2 million barrels per day, crude oil prices have started rallying, which is a headwind for India

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