The Centre has allowed import of a quantity of 20 lakh tonne each of crude soya bean oil and crude sunflower oil per year, for a period of two years at zero customs duty and Agricultural Infrastructure and Development Cess, an official note said on Tuesday, 24 May.
This move comes amid rising retail and wholesale inflation in the country, and the government believes it would give a significant relief to consumers.
The notification will come into effect with immediate effect, the notification said.
India fulfils a major portion of its edible oil requirements through imports. However, the ongoing war in Ukraine has led to short supply of sunflower oil as both the countries involved in the war – Russia and Ukraine – are its major producers.
During the weekend, the government reduced excise duties on petrol and diesel, cut import duties on some raw materials needed for steel production, and announced subsidies for Ujjwala gas beneficiaries.
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