Import duty on refined sunflower, soyabean oil reduced to 12.5 per cent

Posted on by

The central government has reduced import duties on refined sunflower oil and refined soybean oil from 17.5 percent to 12.5 percent. In a customs notification late on Wednesday, the government said the new fee structure will take effect from June 15.

All crude edible oils — crude palm oil, crude sunflower oil and crude soybean oil — now attract 5 percent import duties, said PV Mehta, executive director of the Solvent Extractors Association (SEA) of India. Their refined oils attract a 12.5 percent import duty plus a 10 percent import duty tax.

Indicating that the government wants to keep Edible oil prices In the examination, he said, shipping refined soybean or refined sunflower oil was not commercially viable, even with a smaller difference in charges between crude and refined soybean oil and sunflower oils. But he added that it may have some temporary emotional impact on the market.

Sudhakar Desai, President, Indian Vegetable Oil Producers Association (IVPA) said: Business line Not much in the short term. Ultimately, it will become a problem for the Indian refining industrySimilar to what was happening in the case of palm oil. He said the industry is seeking to widen the spread to support India’s ailing refining industry.

Also read: India’s imports of H1 vegetable oil increased by 21%; Rising shipments of refined palm oil cause for concern: SEA

During the first six months of the 2022-23 oil year (November-October), India imported 13.67 thousand tons of crude sunflower oil, compared to 11.10 liters in the corresponding period of the previous oil year, and 17.25 liters of crude oil. De-soybean oil, compared to 22.06 liters in the corresponding period of 2021-22.

According to SEA data, there was no import of refined sunflower oil and refined soybean oil in the first six months of the 2022-23 oil year.

During November-April 2022-2323, India imported 9.53 liters of degummed crude soybean oil from Argentina, followed by 7.02 liters from Brazil. Russia exported 3.73 liters of crude sunflower oil, followed by Ukraine at 3.40 liters, and Argentina at 1.06 liters during this period.