India will extend imports of edible oil at a lower duty by another year until March 2025. The lower import duty structure on crude palm oil, crude sunflower oil and crude soyoil was planned to expire in March 2024.
“The decision was expected as the Government is keen to keep prices in check ahead of elections,” said Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage.
To bring down prices in order to curb inflation, the government banned wheat exports in 2022 and last year, prohibited exports of non-basmati white rice. New Delhi has also prevented mills from exporting sugar this year.
India will continue with its export curbs on wheat, rice and sugar for now, Union Trade Minister Piyush Goyal said. on Jan. India’s palm oil imports rose to their highest in four months in December.