IVPA urges edible oil firms to pass on duty cut benefits before festivals

The Indian Vegetable Oil Producers’ Association (IVPA) has urged edible oil companies to lower retail prices and pass on the benefits of the government’s recent import duty cut to consumers ahead of the festive season. The association has also asked its members to submit their retail prices to the government weekly to ensure transparency and monitor the duty benefit’s impact on consumers.

The government reduced customs duty on major imported edible oils effective September 24, 2023. The duty on crude palm oil and crude soybean oil was cut by 5.5 percentage points to 11%, while the duty on crude sunflower oil was reduced by 11 percentage points to 5.5%. IVPA president Sudhakar Desai emphasized the importance of passing on these savings to consumers, especially as edible oil demand rises during the festive season.

The duty cut is expected to reduce imports routed through Nepal and create a more level playing field for domestic importers and refiners. The IVPA highlighted the volatility in global edible oil prices over the past six to twelve months and the rising domestic price pressures, with consumer price inflation reaching 4.8% in August 2026. The association also called for a predictable and calibrated import duty regime to support the entire value chain.