India will extend the import of edible oil at a lower duty by another year until March 2025, the Government said in a notification issued late on January 15 as the world's biggest importer of vegetable oil moves to limit local prices.
The lower import duty structure on crude palm oil, crude sunflower oil and crude soyoil was set 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.
