The Hindu Business Line : ‘Scrap import duty on olive oil’

Chennai, Feb. 21 The Indian Olive Association has urged the Centre to abolish the 45 per cent Customs duty on olive oil. “The import duty makes olive oil prohibitively expensive in India,” said a press release from Mr V.N. Dalmi, President of the association.

It pointed out that currently a 45 per cent Customs duty was imposed on virgin oil and 40 per cent on refined and pomace olive oil. “This rate is very high considered that non-olive producing countries such as China and Taiwan only impose 10 and 8 per cent import duty,” he said.

Considering the numerous health benefits of olive oil, the Centre should scrap the import duty, making it available to a much larger section of the population.

He added that at present one litre of extra virgin olive oil costs Rs 720 (including a 45 per cent import duty). If the duty is reduced to 16 per cent, the price could be brought down to Rs 600, and if the duty is scrapped altogether, it can be retailed at Rs 520 a litre.

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