Reduction in Customs duty brings down edible oil prices significantly
New Delhi, Sept 17 (KNN) A massive difference in daily wholesale prices were reported after Centre’s bold move to slash the standard rate of duty on edible oils a week ago to check prices.
The daily wholesale prices of packed Palm Oil dropped by 2.50% followed by Seasame Oil by 2.08%, Coconut Oil by1.72%, packed Ground Nut Oil by 1.38%, packed Sunflower Oil by 1.30%, packed Mustard Oil by 0.97%, packed Vanaspati by 0.71% and packed Soya Oil by 0.68%,the Ministry of Consumer Affairs, Food & Public Distribution said in a statement.
Based on the interaction with all the States and Edible Oil Industry Associations, the need for greater transparency was felt. As a follow-up action the Department of Food and Public Distribution is in the process of creating a web portal for monitoring the stocks of Edible Oils/Oilseeds on a weekly basis in the country. The data on the portal will be submitted by millers, refiners, stockists and wholesalers etc. States have also issued directions for the display of retail price prominently to ensure fair pricing.
The Government of India, Vide Notification No. 42/2021- Customs, dated 10th September 2021, further reduced the standard rate of duty on Crude Palm Oil, Crude Soyabean oil and Crude Sunflower Oil to 2.5% with effect from 11.09.2021 and the standard rate of duty on Refined Palm Oils, Refined Soyabean oil and Refined Sunflower Oil to 32.5% with effect from 11.09.2021.
This turn has reported drop in the edible oil daily wholesale prices