3rd Feb, 2018
The import duty on crude soyabean oil is 30 per cent, crude sunflower oil 25 per cent and crude rapeseed oil 25 per cent until the Budget was announced wherein the import duty was raised.
The government increased import duties on certain crude and refined vegetable oils like cotton seed oil, olive oil and groundnut oil to 30-35 per cent to check shipments. Import duty on crude edible vegetable oils like groundnut oil, olive oil, cotton seed oil, safflower seed oil, saffola oil, coconut oil, palm kernel/babassu oil, linseed oil, maize corn oil, castor oil, sesame oil, other fixed vegetable fats and oils has been raised from 12.5 per cent to 30 per cent. Similarly, import duty on these refined edible vegetable oils has been raised from 20 per cent to 35 per cent, according to the Budget document.
Solvent Extractors’ Association of India’s B V Mehta said the country mainly imports cotton seed oil and olive oil. India imports about 14-15 million tonnes of edible oil annually to meet domestic demand.