Import Duties on Vegetable Oil Removed to Lower Prices in Market

Edible oil imports are henceforth entitled to zero percent tariff, which move is aimed at reducing prices in the domestic market, according to Ali Qasemi, an advisor to the agriculture minister.
“The global markets were hard hit over the past few months, following the conflict between Ukraine and Russia. The government abolished subsidized imports. As a result, vegetable oil saw a sharp rise in prices. The government has decided to scrap import tariffs on the product to make it more affordable for consumers,” he was quoted as saying by Fars News Agency.
Qasemi noted that although the Agriculture Ministry has been planning for self-sufficiency in oilseed production for more than 20 years, 90% of the domestic demand for vegetable oil are currently met through imports.