India slashes edible oil import duties ahead of festive season after prices surge

India has reduced import duties on edible oils, including palm oil, soyoil and sunflower oil, in a bid to ease pressure on consumers ahead of the festive season, when demand for cooking oils traditionally spikes.

The move comes after edible oil prices climbed roughly 20 per cent over the past twelve months, squeezing household budgets across the country. By lowering tariffs on both crude and refined varieties, the government aims to encourage greater volumes of cheaper imported oil into the domestic market.

The duty cuts are expected to prompt refiners to step up imports, potentially increasing supply and helping to stabilise retail prices in the weeks ahead.