After Fuel Rates, Govt Takes Steps To Control Edible Oil Prices

New Delhi: After reducing the excise duty on petrol and diesel, the Central government has taken steps to check rising price of edible oils over the past one year.

The Ministry of Consumer Affairs, Food & Public Distribution has stated that basic duty on crude palm oil, crude soyabean oil and crude sunflower oil has been cut from 2.5% to nil. Further, the Agri-cess has been brought down from 20% to 7.5% for palm oil and 5% for soyabean and sunflower oil.

Consequently, total duty for palm oil is 7.5%, while for soyabean and sunflower oil it’s 5%. Basic duty on RBD palmolein oil, refined soyabean and refined sunflower oil has been slashed from 32.5% to 17.5%.

The Centre has also rationalised import duties on palm oil, sunflower oil and soyabean oil, while futures trading in mustard oil on NCDEX has been suspended and stock limits have been imposed.

As a result, wholesale prices have been reduced by Rs 4 to Rs 7 per litre by major edible oil players like Adani Willmar and Ruchi Industries.

Also Read: Edible Oil: Will Prices Come Down During Festive Season?