Prices of cooking oils, except mustard oil, fall on reduction in import duties Says Govt


Photo:PIXABAY

Cooking oil prices fall: Govt

New Delhi. The government on Friday said its decision to reduce import duty on crude and refined edible oils led to a fall in the retail prices of edible oils, except mustard oil, in the domestic market despite a jump in edible oil prices in the global markets. According to a government statement, the international prices of edible oils have increased from 1.95 per cent to 7.17 per cent after the reduction in import duty. Domestic retail prices have declined 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).

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 since September 10. “Necessary policy interventions by the Central Government in the context of duty reduction are proving to be beneficial for the common consumers,” the statement said, adding that “mustard oil is purely domestic oil”. And along with other measures by the government, its prices are expected to soften.” To check prices and increase domestic supply, the Center has reduced 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. Last month, the government reduced basic customs duty on palm oil, soya oil and sunflower oil. The basic import duty on crude palm oil has been reduced from 10 per cent to 2.5 per cent, while on crude soya oil and crude sunflower oil, it has been reduced from 7.5 per cent to 2.5 per cent.

Regarding other food items, the government said that despite the increase in MSP (minimum support price), the prices of rice and wheat in the market have come down. Retail prices of chana, 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.

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