The Business Bytes
TBB BUREAU
NEW DELHI, JUNE 17, 2021
The Union government has reduced the tariff value for import of edible oil, by up to USD 112 per tonne. changes in tariff value of edible oil are effective from Thursday (June 17).
This move is likely to bring down the domestic prices of edible oil, experts opine.
The Central Board of Indirect Taxes and Customs (CBIC), through a notification, has cut the tariff import value of crude palm oil by USD 86 per tonne, and of RBD and crude palmolein by USD 112 per tonne each.
It also reduced the base import price of crude soyabean oil by USD 37 per tonne.
Domestic edible oil prices have more than doubled in the past year.
India meets about two-thirds of its edible oil demand through imports.
