Executive Directorbv Mehta News Today

India, the largest importer of refined oil, has slashed import duty on refined sunflower and soyabean oil to 12.5 per cent with effect from June 15. The government decision is expected to augment local prices of oil. Previously, the government had cut the import duty from 32.5 per cent to 17.5 per cent in 2021.

The government has reduced the import duty on refined soybean and sunflower oils to 12.5 per cent from 17.5 per cent with effect from Thursday to boost the domestic availability and check prices, a finance ministry notification said.

After grouping OPEC decided to cut output by 2 million barrels per day, crude oil prices have started rallying, which is a headwind for India

The food ministry called a meeting of cooking oil industry bodies and manufacturers to deliberate on reduction in the retail prices of cooking oils as there has been a fall in global prices.

Get latest articles and stories on Latest News at LatestLY. The food ministry has called a meeting on Wednesday with edible oil industry bodies and manufacturers to discuss reduction in the retail prices of cooking oils amid a fall in global prices. Latest News | Food Ministry Calls Meeting of Edible Oil Companies for Reduction in Retail Prices.

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The exemption will help cool domestic prices and control inflation. "This will provide significant relief to the consumers, the Central Board of Indirect Taxes and Customs (CBIC) tweeted.

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With imports of sunflower oil getting affected due to the conflict between Ukraine and Russia, industry body SEA on Saturday said it is weighing options to source cooking oils from other countries to maintain domestic supply and keep retail prices under check. Industry players expect prices of cooking oils to remain stable as the supply of domestic mustard oil will improve

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