Centre Cuts Basic Duties On Edible Oil To Ease Retail Price

In a massive move to provide relief to the common man, the Government of India has decided to cut the basic duty on Crude Palm Oil, Crude Soyabean Oil and Crude Sunflower Oil from 2.5% to nil. Since the last year, oil prices have seen a continuous rise and this decision by the Central Government during the festive season is sure to bring joy and relief to many who had demanded the price drop. The Agri-cess on these Oils has been brought down from 20% to 7.5% for Crude Palm Oil and 5% for Crude Soyabean Oil and Crude Sunflower Oil.

According to the reports, the total duty is 7.5% for Crude Palm Oil and 5% 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% from the current 32.5%.

To control prices of edible oils the government has rationalised import duties on palm oil, sunflower oil and soyabean oil,  futures trading in mustard oil on NCDEX has been suspended and stock limits have been imposed. Major edible Oils players including Adani Willmar and Ruchi industries have cut wholesale prices by Rs. 4 -7 Per Ltr. Prices have been reduced to give relief to consumers during the festival season.

Retail Prices as on 03/11/2021 over 31/10/2021 (Unit: Rs/Kg)

Palm oil- Decreased by

Delhi -Rs 6
Aligarh -Rs 18
Jowai, Meghalaya-Rs 10
Dindigul, TN -Rs 5
Cuddaalore, TN -Rs 7

Groundnut oil-  Decreased by

Delhi – Rs 7
Sagar, MP -Rs. 10
Jowai, Meghalaya -Rs 10
Cuddalore, TN -Rs. 10
Karimnagar, Telanga-Rs 5
Aligarh, UP – Rs 5

Soya oil – Decreased by

Delhi- Rs 5
Ludhiana, Punjab – Rs 5
Aligarh, UP – Rs 5
Durg, Chattisgarh-Rs 11
Sagar, MP -Rs 7
Nagpur, Maharashtra – Rs 7
Jowai, Meghalaya -Rs 5

Sunflower oil – Decreased by

Delhi – Rs 10
Rourkela, Odisha – Rs 5
Jowai, Meghalaya -Rs 20

News Source – ANI

Pic Courtesy – Google