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Date: 26/06/2024

CACP proposes dynamic import tariffs for edible oils
 
The Commission for Agricultural Costs and Prices (CACP) in the Agriculture Ministry has recommended a dynamic import duty structure for edible oils to curb the surge in their import, which has adversely impacted domestic oilseed prices. The proposed tariff system will be based on minimum support price (MSP) for oilseeds as well as domestic and global prices. In addition, the duty differential between crude and refined oils should be kept at 10%-15%, CACP, in the price policy report for Kharif crops marketing season (2024-25), stated. India’s import of edible oils – palm, soybean and sunflower – rose 17% on year to a record 16.47 million tonnes (MT) in the 2022-23 oil year (October-September), helped by lower import tariffs. Because of record imports, domestic prices of edible oil varieties such as mustard and soybean have been impacted, said a report.
 
Source: Exim News Service: New Delhi, June 25



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