Edible oil to get cheaper as India allows duty-free imports | Relief for Indians

The Center has now announced bold measures to cool food inflation. After restricting the export of sugar since June 1, the Modi government has now allowed the importation of soybean and sunflower oil without tariffs. According to reports, this will reduce edible oil prices in India in the range of ₹ 3-5. The Ministry of Finance allowed duty-free imports of raw soybean oil and raw sunflower oil to 2 million tonnes per year. The relief on edible oil is in effect today and will remain in effect until March 2024. The announcement comes in the wake of the rise in edible oil prices in India. India is one of the world’s largest vegetable oil importers and relies on imports for 60% of its needs. Watch this video for more details.