Government Slashes Import Duty to Curb Edible Oil Inflation

The food ministry has taken decisive action, instructing edible oil industry associations to swiftly reduce consumer prices in line with recent drastic cuts to import duties on crude oils. This order was precipitated by rampant food inflation in the country.

In a meeting headed by the Secretary of the Department of Food and Public Distribution, industry leaders were advised to implement price reductions immediately. Associations are to guide their members in adjusting Price to Distributors and Maximum Retail Price to reflect the lowered import costs.

The adjustments are expected to bring immediate relief to consumers burdened by high edible oil prices, exacerbated by last year's duty increases and international market dynamics. This policy not only lowers costs but aims to boost domestic refining by increasing the import duty differential between crude and refined oils.

(With inputs from agencies.)