Edible oil prices latest news: The government on Friday said that despite a jump in edible oil prices in global markets due to its decision to reduce import duty on crude and refined edible oils, mustard oil in the domestic market. Except edible oil retail prices have declined. According to the news of PTI, according to a government statement, the international prices of edible oils have increased from 1.95 percent to 7.17 percent after the reduction in import duty. Domestic retail prices have come down in the range of 0.22 per cent to 1.83 per cent after the reduction in duty on imported edible oils (effective from September 11).
The effect of the intervention of the central government
According to the news, taking into account the increase in global prices, the net effect on rates is in the range of 3.26 per cent to 8.58 per cent with effect from September 10. It has been said in the statement that the necessary policy interventions from the Central Government in the context of reduction in duty are proving beneficial for the common consumers. However, it added that mustard oil is purely domestic oil and its prices are expected to soften with other measures taken by the government.
Center reduces import duty on edible oils
In order to rein in prices and increase domestic supply, the Center has reduced the import duty on edible oils. It has also taken steps against hoarding and asked wholesalers, mill owners and refiners to make their stock details available on a web portal. Even retailers have been asked to prominently display the rates of branded edible oils so that consumers can choose the edible oil of their choice.
Basic customs duty on palm oil, soya oil and sunflower oil was reduced
Last month, the government reduced basic customs duty on palm oil, soya oil and sunflower oil. Basic import duty on crude palm oil has been reduced from 10 percent to 2.5 percent, while on crude soya oil and crude sunflower oil, this tax has been reduced from 7.5 percent to 2.5 percent. Regarding other food items, the government said that despite the increase in MSP, the prices of rice and wheat in the market have come down.
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The retail prices of gram, tur, urad and moong have also come down in the last few months. The all-India average retail prices of potatoes have declined by 44.77 per cent in the last one year, while the prices of onions and tomatoes have declined by 17.09 per cent and 22.83 per cent, respectively.