The government’s move on Wednesday night to reduce the duty on refined soybean oil and refined sunflower oil to 12.5% from 17.5% will not have any impact on the prices of sunflower and soya oil, said Emami Agrotech, Adani Wilmar and Gemini Edibles & Fats India.

The companies said the importing time for these oils is around 50 days, within which the oils lose their quality and original taste, and at present, India is not importing refined soybean or sunflower oil. The country imports non-refined oils, which are refined in the country at the refineries, they said.

“In originating countries of soya and sunflower oils there is not much of surplus refining capacities at present and they do not have preferential lower duty for refined oils,” said Emami Agrotech CEO Sudhakar Desai. “So, bulk imports of refined sunflower and soybean oils may not happen in the short term. However, it opens up the Indian market for imports of refined oils and refined palm imports will continue unless the duty differential is widened.” At present, all crude edible oils – crude palm oil, crude sunflower oil and crude soybean oil – attract an import duty of 5%. The refined oils attract an import duty of 12.5% plus a cess of 10% on import duty.