prices of edible oil will reduce as government cuts custom duty on cooking oil

Good News: In order to curb the rising prices of edible oils in the country, the Finance Ministry has cut the Base Custom Duty on Palm Oil, Soya Oil and Sunflower Oil. Is. While issuing a notification, the Finance Ministry said that the base custom duty on crude palm oil has been reduced from 10 percent to 2.5 percent, while the tax on crude soya oil and crude sunflower oil has been reduced from 7.5 percent to 2.5 percent. This notification has come into effect from Saturday. According to experts, this reduction will bring down the prices of crude palm oil, crude soya oil and crude sunflower oil by up to 24.75 percent, while the prices of refined palm oil, soya oil and sunflower oil will be affected by up to 35.75 percent.

It is believed that with the latest cut, retail prices may come down by Rs 4 to 5 per litre. But, usually after reducing the import duty, the prices in the international market become tighter, so the real impact may be only two to three rupees per litre. According to experts, the government should have reduced the import duty on mustard oil to bring down the prices.

By the way, the government has also taken some other steps to rein in the prices of edible oils. Over the past few months, the Center has cut import duty on individual edible oils and asked states to seek stock details of edible oils and oilseeds from wholesalers, millers, refiners and stockists. Apart from this, Palm Oil Mission of Rs 11,040 crore has also been announced.

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