A sharp import duty hike on edible oils—palm, sunflower, and soy—will significantly impact fast-moving consumer goods (FMCG) businesses. The hike is to the tune of 22 per cent. The duty for crude or unrefined oil has been raised from 5.5 per cent to 27.5 per cent, while that for refined oils is up from 13.75 per cent to 35.75 per cent.
Around 95 per cent of palm and sunflower oil requirements are imported, and around 70 per cent of soybean oil is also imported. Overall, India meets 60-70 per cent of its vegetable oil demand through imports. Palm,
