Edible oils price to become cheaper as govt to pass on import duty cut benefits

The food department sent the directions to the states to pull up the best benefit of duty reduction



The Department of Food and Public Distribution has sent a statement to all major cooking oils producing states in the country to take appropriate and immediate action for ensuring that the rates of al edible oils are brought down to proportionate levels in line with the import duty reductions.


The department said in a statement that direction has been sent to the states including Rajasthan, Madhya Pradesh, Andhra Pradesh, Maharashtra, Gujarat, Uttar Pradesh, West Bengal and Tamil Nadu.


The written letter reads that the state governments has to now make sure that best benefit of duty reduction made by the central government is passed on to the consumers.


The statement further added that in order to provide immediate relief from the prevailing high rates of edible oils, especially during the following festival season.


The food department statement informed that this reduction will also help to bring down the food high prices and provide relief to general consumers by reduction in the rates of edible oils by approximately rupees 15-20 per kilogram.


To hold in the continuous rise in the cooking oil rates since 2020, the centre has cut down the basic duty on crude palm oil, crude soyabean oil and crude sunflower oil from 2.5 percent to nil.


The duty on crude palm oil has been brought down from 20 percent to 7.5 percent and 5 percent for crude soyabean oil as well as crude sunflower oil.


The duty reduction will be effective from this year October 14 till next year March 31.

India Scanner News Network

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