This would mean till March 31, 2024, a total of 80 lakh MT of crude soyabean oil and crude sunflower oil could be imported duty-free.
Like petrol and diesel, the price of edible oils has been on a rise in the domestic market for quite some time amid soaring inflation. To give some relief to the consumers, the Central government on Tuesday allowed duty-free import of 20 lakh metric tonnes each of crude soyabean oil and crude sunflower oil.
According to the Finance Ministry notification, the duty-free import is for this year (2022-23) as well as for 2023-24. This would mean till March 31, 2024, a total of 80 lakh MT of crude soyabean oil and crude sunflower oil could be imported duty-free. The exemption is expected to help cool domestic prices and control inflation.
Read | Good news for household budgets: Edible oil relief after drop in petrol, diesel prices
"This will provide significant relief to the consumers," the Central Board of Indirect Taxes and Customs (CBIC) wrote on Twitter. Trade and government officials earlier said that India could cut an import tax on crude soyabean and crude sunflower oil.
Russia's invasion of Ukraine made it even more difficult for the government to bring down the vegetable oil prices which already shot up in recent months. India imports more than two-thirds of its edible oil needs and a sharp drop in the supplies of sunflower from the Black Sea region has led to further price rise.
India imports palm oil mainly from Indonesia and Malaysia, while other vegetable oils like soy and sunflower come from Argentina, Brazil, Ukraine and Russia. Meanwhile, after retail and wholesale inflation hit many-years high in April, the government on Saturday announced a series of changes to the tax structure levied on crucial commodities.
The Central government expects that this move will provide some relief to consumers from rising prices of essential and day-to-day items.
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 "India allows duty-free import of 20 lakh MT of edible oil")
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