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Cooking Oil Prices to Drop? Good News for Consumers Ahead of Festive Season!
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News18•21-09-2026, 15:33
Cooking Oil Prices to Drop? Good News for Consumers Ahead of Festive Season!
- •The Indian government is planning to reduce import duty on cooking oil to provide relief to the common public amidst rising food prices.
- •This move aims to control surging oil prices and offer significant relief to consumers before the upcoming festive season, according to a Reuters report.
- •India, the world's largest oil importer, sources about two-thirds of its cooking oil requirements from abroad, primarily palm, soybean, and sunflower oils.
- •Vegetable oil prices in India have risen by about 20 percent over the last year, with demand expected to increase further during the September-November festive period.
- •The government may reduce the basic import duty by 5 percent, balancing inflation control with protecting farmers' interests by keeping domestic soybean prices above MSP.
Key Questions Answered
The government is preparing to lower import duties to control rising vegetable oil prices, which have increased by about 20 percent over the last year, and to ease financial pressure on households ahead of the festive season between September and November.
The government is considering reducing the basic import duty by 5 percent, a limited reduction designed to provide relief from inflation while keeping domestic soybean prices above the Minimum Support Price to protect local farmers.
India purchases about two-thirds of its cooking oil requirement from overseas, primarily importing palm oil, soybean oil, and sunflower oil from countries such as Malaysia, Indonesia, Argentina, Russia, and Ukraine.
