Cooking oil to get cheaper, govt cuts customs duty:Duty on soya and palm oil cut from 10% to 5%; removed on sunflower oil

The central government has cut the basic customs duty on edible oils. This could make cooking oil cheaper in the country. According to the Finance Ministry, the new rates will take effect from 24 September. The government has reduced the duty on crude soyabean oil and crude palm oil from 10% to 5%. The duty on refined soyabean oil and refined palm oil has been cut from 32.5% to 27.5%. The duty on crude sunflower oil has been reduced from 10% to zero. Duty on refined oil also cut The customs duty on refined sunflower oil has been reduced from 32.5% to 22.5%. These cuts are expected to lower the import cost of edible oils. This could provide relief to consumers through lower prices. However, the relief available to consumers will depend on how the benefit of the duty cut is passed through the supply chain. Use of palm, mustard and groundnut oil in India Palm oil: It is the cheapest, which is why it is used most widely in restaurant food, savoury snacks, biscuits and roadside eateries. Soybean oil: As it is light and inexpensive, it is the most popular oil for everyday cooking in Indian households. Mustard oil: It is the first choice in northern and eastern India and is known for its pungent flavour and health benefits. Sunflower oil: It is considered light and easy to digest, which is why health-conscious people in urban households use it extensively. Peanut oil: Mainly used in Gujarat and South India, this oil is ideal for foods such as pakoras and deep-frying.