Edible Oil News: There is a relief news for the pockets of the common people. Retail edible oil prices are expected to fall by Rs 15-20 per kg. After the reduction in Import Duty on Edible Oil, direct customers can get the benefit of this discount. The Central Government on Thursday directed the eight major producing states to ensure that the benefit of this deduction is directly passed on to the consumers during the festive season.
The government had cut import duty
The government on Wednesday abolished basic customs duty on varieties of crude palm, sunflower and soybean oils as well as refined cooking oils to reduce retail prices. Duty on edible oil was cut.
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The Food Ministry said in a statement, “This move of the Government of India (reduction in import duty on edible oils) may bring down the domestic prices of edible oils in India. This will give consumers Rs 15 to 20 per kg. Edible oils will benefit.”
direct benefits to customers
The ministry has written to all major edible oil producing states to take “appropriate and immediate action” to ensure that this benefit is passed on directly to the consumers, to ensure that the prices of edible oils are reduced by the reduction in import duty. to be brought to the corresponding level.
These major oil producing states include Rajasthan, Madhya Pradesh, Maharashtra, Gujarat, Uttar Pradesh, West Bengal, Tamil Nadu and Andhra Pradesh.
The ministry also said that the state governments will have to ensure that the full benefit of the reduction in fee by the central government is passed on to the customers. So that they can get relief from the increased prices of edible oils during the upcoming festive season.
How much was the first import duty
The import duty on crude palm oil is 8.25 percent and on crude soybean oil and crude sunflower oil is 5.5 percent after the reduction by the central government. Earlier, 24.27 per cent import duty was levied on these three raw materials. This exemption, effective from October 14, will be applicable till March 31, 2022.