Black molasses is subject to a 50% export duty imposed by the government; import duties on edible oil will remain reduced until March of next year.

Molasses is now subject to a 50% export tariff from the government. A byproduct of sugarcane, molasses is a basic ingredient used to make alcohol.

In this context, a notification from the Union Finance Ministry will take effect on Thursday. In order to control the supply and demand of commodities and guarantee domestic availability, export duties are a calculated strategic move.

Additionally, the Ministry has decided to extend by one year, until March 31, 2025, the current concessional tax rates on imports of refined and crude edible oils. Refined soybean oil and refined sunflower oil now have a base import tariff of 12.5% instead of 17.5%. Edible oil import duties will be lowered, guaranteeing customer access to these products at reasonable costs.