New Delhi, June 12 -- In a significant move to curb rising edible oil prices, the government has reduced the Basic Customs Duty (BCD) on crude edible oils-soybean, sunflower, and palm-from 20 per cent to 10 per cent.

This step, announced on Wednesday, is expected to lower the overall cost of these oils and provide relief to consumers.

The Food Ministry stated that the reduction in duty will increase the gap between the import duties on crude and refined edible oils from 8.75 per cent to 19.25 per cent.

This widened differential is designed to promote domestic refining by making crude oil imports more attractive than refined oil imports.

As a result, the move is expected to boost capacity utilisation in the local refining industry and ...