Centre reduces basic duty on Crude Palm Oil, Crude Soyabean Oil
The Central Government has cut the basic duty on Crude Palm Oil, Crude Soyabean Oil and Crude Sunflower Oil from 2.5 per cent to nil in a bid to reign in a continuous rise in the cooking oil prices since last year.
New Delhi: The Central Government has cut the basic duty on Crude Palm Oil, Crude Soyabean Oil and Crude Sunflower Oil from 2.5 per cent to nil in a bid to reign in a continuous rise in the cooking oil prices since last year.
The Agri-cess on these Oils has been brought down from 20 per cent to 7.5 per cent for Crude Palm Oil and 5 per cent for Crude Soyabean Oil and Crude Sunflower Oil.
Consequent to the above reduction, the total duty is 7.5 per cent for Crude Palm Oil and 5 per cent 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 per cent from the current 32.5 per cent.
Before reduction, the agricultural infrastructure cess on all forms of Crude Edible Oils was 20 per cent. Post reduction, the effective duty on Crude Palm Oil will be 8.25 per cent, Crude Soyabean Oil and Crude Sunflower Oil will be 5.5 per cent each.
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.
