Edible oils to become cheaper as government eases basic duties
Further, the government has rationalised import duties on palm oil, sunflower oil and soyabean oil to control prices of edible oils.
- Nov 5, 2021,
- Updated Nov 5, 2021 6:57 PM IST
The central government has cut the basic duty on crude palm oil, soyabean oil, and sunflower oil from 2.5 per cent to nil in order to control the continuous rise in cooking oil prices that has been happening since the past year.
Further, the government has rationalised import duties on palm oil, sunflower oil and soyabean oil to control prices of edible oils, while futures trading in mustard oil on NCDEX has been suspended, and stock limits are imposed.
The agricess on these crude oils has been reduced to 7.5 per cent from 20 per cent for crude palm oil, 5 per cent for crude soyabean oil and crude sunflower oil. As a consequence of the above reduction, the total duty for crude palm oil is 7.5 per cent, and 5 per cent 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 per cent from 32.5 per cent. Before reduction, the agricultural infrastructure cess on all forms of crude edible oils was 20 per cent. After the reduction, the effective duty on crude palm oil will be 8.25 per cent, crude soyabean oil and crude sunflower oil will be 5.5 per cent each.
Major edible oils players, including Adani Willmar and Ruchi industries, have cut wholesale prices by Rs 4 - Rs 7 per ltr. 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.
The central government has cut the basic duty on crude palm oil, soyabean oil, and sunflower oil from 2.5 per cent to nil in order to control the continuous rise in cooking oil prices that has been happening since the past year.
Further, the government has rationalised import duties on palm oil, sunflower oil and soyabean oil to control prices of edible oils, while futures trading in mustard oil on NCDEX has been suspended, and stock limits are imposed.
The agricess on these crude oils has been reduced to 7.5 per cent from 20 per cent for crude palm oil, 5 per cent for crude soyabean oil and crude sunflower oil. As a consequence of the above reduction, the total duty for crude palm oil is 7.5 per cent, and 5 per cent 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 per cent from 32.5 per cent. Before reduction, the agricultural infrastructure cess on all forms of crude edible oils was 20 per cent. After the reduction, the effective duty on crude palm oil will be 8.25 per cent, crude soyabean oil and crude sunflower oil will be 5.5 per cent each.
Major edible oils players, including Adani Willmar and Ruchi industries, have cut wholesale prices by Rs 4 - Rs 7 per ltr. 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.