In a proactive measure to regulate local prices, India has chosen to extend the reduced import tax rates on edible oils until March 2025, as disclosed in a recent government order reported by Reuters on Friday.
Impact on Vegetable Oil Imports
As the largest global importer of vegetable oil, this decision has significant implications for the import duty structure, particularly affecting crude palm oil, crude sunflower oil, and crude soyoil.
Revised Timeline for Refiners: Edible Oils
Originally scheduled to conclude in March 2024, the new order provides refiners with an extended timeline, allowing them to continue importing these vital edible oils at lower duties for an additional year. This move aims to ensure ongoing stability in the market.