The Centre’s move to cut base import taxes on edible oils is likely to bring down prices by approximately ₹15-20 per kg
The department of food and public distribution has written to all major oil-producing states to take appropriate and immediate action for ensuring that prices of edible oils are brought down to commensurate levels in line with the import duty reductions.
The department further asked the states to ensure that full benefit of duty reduction made by the Centre is passed on to consumers to provide immediate relief from prevailing high prices of edible oils. According to an ANI report, the move will bring down prices of edible oils by approximately ₹15-20 per kg.
The order came hours after the Central government cut base import taxes on palm oil, soy oil and sunflower oil in a bid to tame inflation and to bring down near-record price rises.
According to a central notification, imported crude palm oil, the most widely consumed of edible oils in the Indian market, will now be charged an agri infrastructure cess of 7.5 per cent, while unrefined soyabean and sunflower oils will attract a cess of 5 per cent, down from 20 per cent.
The lowering of the cess will bring down the effective customs duty on palm, soyabean and sunflower oils 8.5 per cent, 5.5 per cent and 5.5 per cent, respectively, according to the government’s notification.
Courtesy – www.hindustantimes.com