Import duty on refined palm oil slashed to 12.5%

New Delhi, December 21 Concerned over high prices of cooking oils, the government has reduced the basic customs duty on refined palm oil to 12.5% from 17.5% till March next year to boost domestic supplies and bring down rates in...

Tribune News Service

Updated At : 01:37 PM Dec 22, 2021 IST

New Delhi, December 21

Concerned over high prices of cooking oils, the government has reduced the basic customs duty on refined palm oil to 12.5% from 17.5% till March next year to boost domestic supplies and bring down rates in the domestic retail markets.

With reduction in the basic custom duty (BCD), the effective levy (including social welfare cess) on both refined palm oil and refined palmolein will come down to 13.75% from 19.25%, according to Solvent Extractors’ Association of India (SEA).

The new rate is effective from Tuesday. — PTI