India has cut import duties on edible oils to rein in soaring cooking oil prices ahead of the peak festive season, the Financial Express reports.

Under a finance ministry notification on 23 September, the basic customs duty on crude soybean and palm oils falls to 5% from 10%, and the duty on crude sunflower oil is abolished. Duties on refined soybean and palm oils drop to 27.5% from 32.5%, and on refined sunflower oil to 22.5% from 32.5%. The government had already cut duties on the three crude oils from 20% to 10% in June 2025.

India imports more than 58% of its edible oil needs, around 16 million tonnes a year, mostly palm, soybean and sunflower oil. Prices have risen on higher freight and insurance costs, a weaker rupee and exporters, especially Indonesia, diverting oil to biofuel.

Solvent Extractors' Association of India data show crude palm, soybean and sunflower oil landed at Mumbai on 18 September at $1,265, $1,314 and $1,380 a tonne; palm and soybean oil were 11% dearer than a year earlier and sunflower oil 7%.

In the shops, average retail prices of mustard, soybean and palm oils were Rs 202.87, Rs 166.87 and Rs 153.89 a kilogram on 23 September, according to the Department of Consumer Affairs, 8%, 14% and 16% higher than a year ago. The report was written by Sandip Das.

Photo: Gveret Tered / Wikimedia Commons (CC BY 2.5)

Source: Financial Express Agriculture