Edible oil to become costlier by 4-5% on import duty hike

Industry welcomes move, says will make domestic edible oilseed extraction and refining competitive

Edible oil and oilseeds are likely to become costlier by 4-5 per cent due to the government’s decision to raise import duty on crude and refined oil, with immediate effect.

The Ministry of Commerce on Friday announced increase in import duty on both crude and refined edible oil, a demand that the domestic seed crushing and refining industry had been making over the past several months. Through the notification, the government raised import duty on crude and refined oil to 15 per cent and 25 per cent from 7.5 per cent and 15 per cent earlier.

This revision, however, continues with the