Good news for common man! Tariffs on edible oil import slashed to tame inflated prices

Tax experts said the reduction in tariff value could result in softening of edible oil prices in the domestic market as customs duty payable on the base import price would come down.

New Delhi: The government has reduced the tariff value for the import of edible oil, including palm oil, by up to USD 112 per tonne, a move which experts said can lead to lower domestic prices. The Central Board of Indirect Taxes and Customs (CBIC), through a notification, has cut the tariff import value of crude palm oil by USD 86 per tonne, and of RBD and crude palmolein by USD 112 per tonne each. It also reduced the base import price of crude soyabean oil by USD 37 per tonne.