SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

Govt increases import duty on crude, refined edible oil by 5%

26 Dec 2014 Evaluate

In a bid to protect the interest of farmers and the domestic oil processing industry amid falling global prices, the government has hiked import duty on both crude and refined edible oil by 5 percent. As per the notification issued by the Central Board of Excise and Customs (CBEC), the customs duty on crude oil has been increased to 7.5 percent from 2.5 percent earlier, while the duty on refined edible oil has been raised to 15 percent from 10 percent.

India imports about 60 percent of the annual domestic demand of vegetable oils, which include edible and non-edible oil at about 19 million tonnes. India's vegetable oil imports rose 12 percent to an all time high of 11.82 million tonnes in the 2013-14 marketing year ended October on account of increase in domestic consumption and low rates of cooking oils in global markets. Earlier, both the ministries of food and agriculture had recommended an increase in import duty of refined edible oil and crude edible oil.

Applauding the government's latest decision, the industry stated that the government has kept the duty difference between the crude and refined edible oils at 10-12 percent which in turn would be result in an increase in capacity utilisation and value addition by the domestic refiners.

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through: