FinMin hikes customs duty on edible oils, farmers to benefit

The finance ministry has increased the basic customs duty on crude palm, soybean, and sunflower seed oil from 0% to 20%, and on refined versions from 12.5% to 32.5%. This change raises the effective duty on crude oils from 5.5% to 27.5% and on refined oils from 13.75% to 35.75%.