By the end of this month, the arrival of new kharif crop, fall in the prices in the global markets and steps taken by the central government are expected to bring down the prices of edible oil.
- Devesh Tiwari
- Edible oil import duty:
The skyrocketing prices of edible oil may come down in the coming days. This will happen with a fresh decision of the government. Actually, the government has announced a further reduction in the import duty on edible oil.
Now the import duty on edible oils has been reduced by another 5.5 percent. It is believed that after this there will be a softening trend in oil prices. This is being called a big step by the government to reduce the price of cooking oil.
On whom how much import duty
According to the news, the prices of many oils increased by 50% in a year. In the last month also, the import duty was reduced. After the latest decision of the government, the import duty on Crude Palm Oil reduced from 30.25 percent to 24.75 percent, on Crude Degummed Soybean Oil from 30.25 percent to 24.75 percent, on Crude Sunflower Oil from 30.25 percent.
It has come down to 24.75 percent, on RBP Palm Olein from 41.25 percent to 35.75 percent and on Refined Soybean Oil from 41.25% to 35.75%.
Center asks states to take action against hoarding
Amid continuous hike in edible oil prices, the Center on Friday asked states to instruct retailers to prominently display the prices of all edible oil brands for the benefit of consumers. Along with this, take action against any kind of hoarding at the level of wholesalers, mill owners and oil refining mills.
Expected price reduction
After a meeting with state representatives and oil industry stakeholders, Union Food Secretary Sudhanshu Pandey stressed on the possibility of fixing MRP (Maximum Retail Price) for edible oils along with imposing stock limits on traders. He said that in a better competitive environment, market forces would determine these rates.
According to him, the arrival of the new Kharif crop by the end of September, the fall in the prices in the global markets and the steps taken are expected to bring down the prices of edible oil.