The government cut the import duty on edible oils, mainly palm oil, soyabean oil and sunflower oil, to control increasing cooking oil prices and inflation. The duty cut came into effect on Saturday and will end on September 30, a notification issued by the Finance Ministry said. As per customs duty, added infrastructure and development, a cess will be 24.75 per cent for all raw edible oils. The duty will be 35.75 per cent for refined oils.
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The administration came up with the second customs duty cut as costs of all edible oils continue to increase at Rs 125 kg. Edible oil rates are raised as palm oil production has been hit in Malaysia and Indonesia due to Covid. In contrast, soybean and sunflower oil prices increased due to supply worries from Brazil, the US and the Black Sea.