The government has reduced the Basic Customs Duty on imported oil to 10% from 20%.

The government has reduced the Basic Customs Duty (BCD) on imported crude oil to 10% from 20%. The measure, announced on Wednesday, is aimed at reducing retail prices for consumers and will affect sunflower oil, soy oil and palm oil.

According to a statement from the Ministry of Consumer Affairs, Food and Public Distribution, the reduction is in response to rising prices in the global market and follows an increase in the BCD in September 2024. “Import duty on edible oils is one of the most important factors affecting the procurement cost of edible oils and, in turn, domestic prices,” the statement read. “By reducing import duty on crude oil, the government aims to reduce the procurement cost and retail prices of edible oils, providing relief to consumers and helping to curb overall inflation. The reduction in duty will also boost the domestic refining industry and ensure fair compensation for farmers.” mandi bhav