This move comes amid rising retail and wholesale inflation in the country, and the government believes it would give a significant relief to consumers.
The notification will come into effect with immediate effect, the notification said.
India fulfills a major portion of its edible oil requirements through imports. However, the ongoing war in Ukraine has led to short supply of sunflower oil as both the countries involved in the war - Russia and Ukraine - are its major producers.
During the weekend, the government reduced excise duties on petrol and diesel, cut import duties on some raw materials needed for steel production, and announced subsidies for Ujjwala gas beneficiaries.