mandi bhav of india

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Government has reduced the customs duty on refined palm oil

New Delhi.Concerned over high prices of cooking oils, the government has reduced the basic customs duty on refined palm oil to 12.5 per cent from 17.5 per cent till March next year to boost domestic supplies and bring down rates in the domestic retail markets.

With reduction in the basic custom duty (BCD), the effective levy (including social welfare cess) on both refined palm oil and refined palmoline will come down to 13.75 per cent from 19.25 per cent, according to Solvent Extractors’ Association of India (SEA).