To control prices of edible oils the government rationalises import duties on palm oil , sunflower oil and soyabean oil
The Government has cut the basic duty on Crude Palm Oil, Crude Soyabean Oil and Crude Sunflower Oil from 2.5% to nil in a bid to reign in a continuous rise in the cooking oil prices since the past year. The Agri-cess on these Oils has been brought down from 20% to 7.5% for Crude Palm Oil and 5% for Crude Soyabean Oil and Crude Sunflower Oil.
Consequent to the above reduction, the total duty is 7.5% for Crude Palm Oil and 5% for Crude Soyabean Oil and Crude Sunflower Oil. The basic duty on RBD Palmolein Oil, Refined Soyabean and Refined Sunflower Oil has been slashed to 17.5% from the current 32.5%.
Before reduction, the agricultural infrastructure cess on all forms of Crude Edible Oils was 20%. Post reduction, the effective duty on Crude Palm Oil will be 8.25%, Crude Soyabean Oil and Crude Sunflower Oil will be 5.5% each.
Government has cut the basic duty on Crude Palm Oil, Crude Soyabean Oil and Crude Sunflower Oil from 2.5% to nil
To control prices of edible oils the government has rationalised import duties on palm oil, sunflower oil and soyabean oil, futures trading in mustard oil on NCDEX has been suspended and stock limits have been imposed.
Major edible Oils players including Adani Willmar and Ruchi industries have cut wholesale prices by Rs. 4 -7 Per Ltr. Prices have been reduced to give relief to consumers during the festival season.
The other players that have reduced the wholesale prices of edible oils are Gemini Edibles & Fats India, Hyderabad, Modi Naturals, Delhi, Gokul Re-foils and Solvent, Vijay Solvex, Gokul Agro Resources and N.K Proteins.
Major edible Oils players cut wholesale prices by Rs. 4 -7 Per Ltr
Despite international commodity prices being high, interventions have been taken by Central Government along with State Governments’ proactive involvement have led to a reduction in prices of edible oils.
Edible prices are higher than the year-ago period but from October onwards there was a declining trend. The government is taking steps to improve the production of secondary edible oils, especially rice bran oil to reduce import dependence.
Central and State Governments’ pro active involvement have led to reduction in prices of edible oils.
Retail Prices as of 03/11/2021 over 31/10/2021 (Unit: Rs/Kg)
Palm oil- Decreased by
- Delhi -Rs 6
- Aligarh -Rs 18
- Jowai, Meghalaya-Rs 10
- Dindigul, TN -Rs 5
- Cuddaalore, TN -Rs 7
Groundnut oil- Decreased by
- Delhi – Rs 7
- Sagar, MP -Rs. 10
- Jowai, Meghalaya -Rs 10
- Cuddalore, TN -Rs. 10
- Karimnagar, Telanga-Rs 5
- Aligarh, UP – Rs 5
Soya oil – Decreased by
- `Delhi Rs 5
- Ludhiana, Punjab – Rs 5
- Aligarh, UP – Rs 5
- Durg, Chattisgarh-Rs 11
- Sagar, MP -Rs 7
- Nagpur, Maharashtra – Rs 7
- Jowai, Meghalaya -Rs 5
Sunflower oil – Decreased by
- Delhi – Rs 10
- Rourkela, Orissa – Rs 5
- Jowai, Meghalaya -Rs 20
Disclaimer : This is an official press release by PIB.