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Centre Raises Import Duty on Edible Oils

September 16, 2024

GS Paper III Economy

Recently, the Centre has increased import duties on edible oils.

Background

  • The decision comes at a time when prices of soybean, the leading source of edible oils, are reported below the MSP. 
  • Government Action on Soybean: The government permitted soybean procurement at MSP in Maharashtra, Madhya Pradesh, Karnataka, and Telangana.

Increased Import Duties on Edible Oils

  • New Duty Rates: The Ministry of Finance has raised the import duty on edible oils from 0% to 20%, with a total effective duty of 27.5%.
  • Reason for Change: This move aims to support domestic oil producers and increase rural employment.

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What are Edible Oils?

  • Edible oils are mainly vegetable oils that are subjected to several refining processes (such as neutralisation, bleaching and deodorisation) to remove undesirable constituents.
  • Production: India produces about 42% of its domestic edible oil consumption requirement.
    • Other Oils Production: Mustard (40%), soybean (24%) and groundnut (7%) 
  • Imports: India is the world’s second-largest consumer and number one vegetable oil import (70%)
    • Palm oil Imports from: Indonesia, Malaysia and Thailand
    • soyoil and sunflower oil Imports from: Argentina, Brazil, Russia and Ukraine.
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