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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.