Government Directs Edible Oil Companies to Pass Full Benefit of Import Duty Cut to Consumers

The Food Ministry has directed edible oil companies to pass on the full benefit of reduced import duties to consumers. On Wednesday, the government cut basic customs duty on crude sunflower oil to nil from 10 per cent, refined sunflower oil to 22.5 per cent from 32.5 per cent, and reduced duties on crude and refined soybean and palm oils by 5 percentage points each.

In an official statement, the ministry issued an advisory to edible oil associations and industry stakeholders to immediately revise prices to distributors and maximum retail prices in line with reduced landed costs. The government said it will monitor international and domestic edible oil markets and take appropriate measures to protect consumer interests while maintaining a balanced policy for farmers and the domestic industry.

The duty reduction aims to moderate domestic edible oil prices and provide relief to consumers amid sharp increases in international edible oil prices.