Centre reduces standard rate of duty on edible oils

New Delhi [India], September 12 : The Centre on Saturday reduced the standard rate of duty on crude palm oil, crude soyabean oil to ensure the availability of edible oil to consumers at fair prices.
"The government has further reduced the standard rate of duty on crude palm oil, crude soyabean oil, crude sunflower oil to 2.5 per cent with effect and standard rate of duty on refined palm oils, refined soyabean oil and refined sunflower oil to 32.5 per cent," a Ministry of Consumer Affairs, Food and Public Distribution release said.
The decisions have come into force from Saturday.
The government notification also increased agri-cess for crude palm oil from 17.5 per cent to 20 per cent.
The release said international prices and domestic prices of edible oils have been ruling high during 2021-22 which is a cause of serious concern from inflation as well as consumer's point of view.
"Import duty on edible oils is one of the important factors that impacted landed cost of edible oils and thereby domestic prices. In order to mitigate the rise in these prices, the Government of India has taken series of steps between February 2021 and August 2021," the release said.
"The duty cuts already made amount to an estimated Rs 3500 crore in a full year. With the latest reduced import duty worth Rs1100 crore in the full year, the total direct value of benefits expected to be passed on to the consumers, in terms of duties given up by the Government, is Rs 4,600 crore," it added.