New Delhi : Concessional import duties on specified edible oils are in place till March 2023 , the food ministry said on Sunday .
This decision was taken on August 31 , 2022 by the Central Board of Indirect Taxes and Customs ( CBIC ) in order to boost domes tic supply and keeping retail prices under control . The food ministry in its latest statement said that the CBIC’s decision of extending existing concessional import duties on specified edible oils is in place till March 2023. ” The concessional customs duty on edible oil import has been extended by another 6 months , which means that the new deadline will now be March 2023 , ” the statement said .
The ministry also said that domestic edible oil prices have been on a declining trend driven by a fall in global prices . With falling global rates and lower import duties , retail prices of edible oils have fallen considerably in India .
According to the statement , the current duty structure on crude palm oil , RBD Palmolein , RBD palm oil , crude soybean oil , re fined soybean oil , crude sunflower oil and re fined sunflower oil remains unchanged till March 31 , 2023 .
The import duty on crude varieties of palm oil , soyabean oil and sunflower oil is currently zero .