Business

Oils Price in India: Edible oil will be cheaper! Government cuts customs duty to bring down retail prices

Import duty on crude palm oil has been reduced from 10 percent to 2.5 percent

Oils Price in India: The government has cut basic customs duty on palm oil, soya oil and sunflower oil to bring down the retail prices of edible oils. The Ministry of Finance has given this information. In a notification issued late on Friday, the Finance Ministry said that the 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. Is. This notification has become effective from Saturday.Also Read – COVID19 Update: 33,376 new cases of corona came in the country, number of patients increased, 308 deaths were registered

Solvent Extractors Association of India (SEA) Executive Director B.V. Mehta told PTI that with this reduction in tax duty, the effective duty on crude palm oil, crude soya oil and crude sunflower oil will come down to 24.75 per cent, while the effective duty on refined palm oil, soya oil and sunflower oil will come down. will be 35.75 percent. Also Read – Situation In Afghanistan Still Very Fragile, Do Not Allow Taliban To Use Afghan Land For Terrorism: India To UNSC

He said that with the fresh cut, the retail prices of edible oils may come down by Rs 4-5 per litre. He said that it is also generally seen that after reducing India’s import duty, the prices in the international market increase, so the real impact of this cut on edible oil prices can be two to three rupees per liter. He said that the government should have also reduced the import duty of rapeseed (mustard variety) to bring down the edible oil prices. Also Read – Kaam Ki Baat: Government cuts prices of 39 medicines, know about them…

He said that the government should have reduced the import duty on mustard oil to bring down the prices. In the last few months, the Center has cut import duty on various edible oils and asked states to get stock details of edible oils and oilseeds from wholesalers, edible oil mill owners, refinery units and stockists. The government has also announced a Palm Oil Mission of Rs 11,040 crore.

According to SEA, the total import of vegetable oils (edible and non-edible oils) during November-2020 to July-2021 declined by two per cent to 96,54,636 tonnes as compared to 96,54,636 tonnes in the corresponding period of the previous oil year (November-October). was 98,25,433 tonnes.

The Central Board of Indirect Taxes (CBIC) last month halved the basic customs duty on crude soya oil and sunflower oil to 7.5 per cent to augment supplies. Edible oil ranks third in terms of India’s imports after crude oil and gold.

(input language)

.

Show More

Leave a Reply