New Delhi: The government has reduced import duties on oil that can be eaten with direct effects, which can cool the prices of these main kitchen items.
According to the Ministry of Finance’s notification, the basic import duty on crude palm oil has been reduced to 2.5% from 10%, while tax from crude oil and raw sunflower oil has been reduced to 2.5% from 7.5%.
With this reduction, the task is effective, which includes Agri Cess in crude palm oil, crude oil, and rough sunflower oil will drop to 24.75% from 30.25% earlier.
In terms of fine palm oil, Soyoil and sunflower oil, the effective task will be 35.75% from 41.25%, according to the Ministry of Food’s statement.
The fresh cutting round can reduce retail prices of Rs 4-5 per liter, said B V Mehta, Executive Director of the Extractors Association (Sea).
“Current domestic recovery in edible oil is pioneered by low-up Mustard seeds.
In our meeting with the Food Secretary on Friday, we have suggested reducing import duty in radish oil in line with soybean oil and sunflower or even a little lower because of Wants the desired criminal effect on the price of a fled mustard oil.
It will also run far in cooling all oil prices that can be eaten because oil prices that can be eaten globally have begun to show weaknesses, “he added.
According to the sea, total imports of vegetable oils during November 2020 to 2021 fell by 2% to 96,54,636 tons, compared with 98.25,433 tons during the appropriate period of previous year (November-October).