Government Raises Customs Duty on Edible Oils Significantly

The government has increased customs duty on crude and refined sunflower oil to 20% and 32.5%, respectively. This hike also applies to crude and refined palm, soybean, and sunflower seed oils, effective from Saturday. The new rates mark a substantial increase aiming to adjust import tariffs.

The government on Friday announced a significant hike in customs duty on edible oils, raising rates on crude and refined sunflower oil to 20% and 32.5%, respectively.

According to a notification from the finance ministry, the basic customs duty on crude palm, soybean, and sunflower seed oil has been increased from zero to 20%.

Refined varieties of palm, soybean, and sunflower oil will now attract a basic customs duty of 32.5%, up from the previous 12.5%. The effective duty on these oils will consequently rise from 5.5% to 27.5% for crude oils and from 13.75% to 35.75% for refined oils.

These changes come into effect starting Saturday, as per the official notification.