New Delhi: The Union government has decided to impose50 per cent export duty on molasses. The decision was taken to ensure higher availability of ethanol for blending with petrol.Molasses is a by-product of sugarcane. It is used as raw material for alcohol production.
The Central government also decided to extend the existing concessional duty rates on imports of crude and refined edible oils — palm, soyabean and sunflower. The existing import duty on crude and refined edible oils has been extended for one more year till March 31, 2025. The basic import duty on refined soyabean oil and sunflower oil was cut to 12.5 per cent from 17.5 per cent , in June last year.
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India imports palm oil mainly from Indonesia and Malaysia, and a small quantity of crude soft oil, including soyabean from Argentina. Sunflower oil is imported from Ukraine and Russia.
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