Daily wholesale prices of edible oils drop significantly post reduction in standard rate of duty: Govt
Sep 17, 2021
New Delhi [India], September 17 : A massive difference in daily wholesale prices was reported, following the Centre's decision to slash the standard rate of duty on edible oils a week ago to check prices, the Ministry of Consumer Affairs, Food & Public Distribution said on Friday.
The daily wholesale prices of packed Palm Oil dropped by 2.50 per cent followed by Seasame Oil by 2.08 per cent, Coconut Oil by 1.72 per cent, packed Ground Nut Oil by 1.38 per cent, packed Sunflower Oil by 1.30 per cent packed Mustard Oil by 0.97 per cent, packed Vanaspati by 0.71 per cent and packed Soya Oil by 0.68 per cent, as per a release by the ministry.
"Based on the interaction with all the States and Edible Oil Industry Associations, 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," read the release.
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 prices prominently to ensure fair pricing.
The Government of India, Vide Notification, dated September 10, further reduced the standard rate of duty on Crude Palm Oil, Crude Soyabean oil and Crude Sunflower Oil to 2.5 per cent and the standard rate of duty on Refined Palm Oils, Refined Soyabean oil and Refined Sunflower Oil to 32.5 per cent with effect from September 11.
