Govt hikes customs duty on crude, refined sunflower, soybean oil

The government on Friday hiked customs duty on crude and refined sunflower oil to 20 per cent and 32.5 per cent, respectively.

According to a finance ministry notification, the basic customs duty on crude palm, soybean and sunflower seed oil has been increased from nil to 20 per cent.

Basic customs duty on refined palm, soybean and sunflower oil has been hiked from 12.5 per cent to 32.5 per cent.

The effective duty on these crude oils and refined oils will increase from 5.5 per cent to 27.5 per cent and from 13.75 per cent to 35.75 per cent, respectively.

The duty changes are effective from Saturday, the notification said.