business π’οΈ Import duty cut on edible oils ahead of festivals
The Union government cut the Basic Customs Duty (BCD) on major imported crude edible oils on Thursday, September 24, 2026. This move was made to moderate domestic edible oil prices and ease inflationary pressures. The BCD for crude sunflower oil dropped from 10% to nil, while crude soybean and palm oil duties fell from 10% to 5%. This rationalization aims to lower landed costs and help consumers during the festive season. The government advised industry bodies to ensure the benefit reaches the consumers. π’οΈ