Import Duty on Edible Oil Increased and Guaranteed Purchase Price for Soybeans Announced; Agriculture Minister Dhananjay Munde Thanks Central Government

Mumbai : The central government has decided to increase the import duty on edible oil by 20 percent and to purchase soybeans at a guaranteed price after 90 days. Agriculture Minister Dhananjay Munde has expressed confidence that these measures will ensure a good price for farmers’ soybeans and has thanked the central government for these decisions.

With soybeans being cultivated on more than 52 lakh hectares in the state and favorable rainfall this year, the yield is expected to increase. Agriculture Minister Dhananjay Munde has been actively working to secure a fair price for the soybeans and had requested the central government to purchase soybeans at a guaranteed price, impose duties on imports of edible oil, soy milk, soy cake, and provide subsidies.

The central government has responded positively, deciding last week to guarantee the purchase of soybeans and to increase the import duty on edible oil by 20 percent.

Minister Munde has thanked Prime Minister Narendra Modi, Union Agriculture Minister Shivraj Singh Chouhan, Union Commerce Minister Piyush Goyal, as well as State Chief Minister Eknathrao Shinde, Deputy Chief Minister Devendra Fadnavis, and Ajit Pawar for accepting two out of the three demands he made via the social platform X.

Previous Import Duty Rates:

• Import duty on crude edible oil has been increased from 5.5% to 27.5%.
• Import duty on refined oil has been raised from 13.75% to 35.75%.