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Chennai, April 6 The Indian Olive Association has welcomed the reduction in the customs duty rates on all grades of olive oil imported to India to 7.5 per cent from the previous rates of 45 per cent on virgin olive oil and 40 per cent on refined olive oil and pomace oil.

The Association President, Mr V.N. Dalmia, said this reduction in duty rates would bring down the price of olive oil “by up to 15 per cent over the next few months on stocks imported after April 1.

“We are gratified that the importance of olive oil is being recognised and our efforts are bearing fruit soon after the launch of our association in July 2007.”

He added that steep duty rates had limited the consumption of olive oil to only high end consumers.

“But olive oil is not the rich man’s food, it is the healthy man’s food. With price reduction, consumption will increase.”

Mr Dalmia said the olive oil market in India is expanding rapidly. In 2007, India imported 2,300 tonnes of olive oil. It is estimated that India will import 25,000 tonnes in 2010 and 42,000 tonnes in 2012.

More Stories on : Oilseeds & Edible Oil | Excise and Customs | Exports & Imports

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