Retail prices of cooking oils may fall after duty cut: Industry body IVPA
Edible oil industry body IVPA expects retail prices of cooking oils to come down following the government's decision to cut import duties on soyabean, palm and sunflower oils.
India meets around 60 per cent of its total edible oil requirements through imports.
On Wednesday, the government reduced the basic customs duty (BCD) on crude sunflower oil from 10 per cent to nil.
The BCD on refined sunflower oil has been trimmed from 32.5 per cent to 22.5 per cent.
The BCD on crude soybean oil and palm oil has been slashed from 10 per cent to 5 per cent, and on refined soybean oil and palm oil from 32.5 per cent to 27.5 per cent.
Sudhakar Desai, President, Indian Vegetable Oil Producers' Association (IVPA), said the decision to reduce customs duties on specific edible-oil imports comes at an important juncture, particularly with the festive season approaching.
"Lower import duties should improve the landed costs of imported edible oils, which can provide some reduction in consumer prices,
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