Edible Oil: The government has reduced the import duty value of various edible oils including palm oil by up to $112 per tonne.
edible oil
The government has reduced the import duty value of various edible oils including palm oil by up to $112 per tonne. Experts say that this may reduce the prices of edible oil in the domestic market. The Central Board of Indirect Taxes and Customs (CIBC) has issued a notification to cut the import duty value of crude palm oil by $ 86 per tonne and import duty value of RBD (refined, bleached and deodorized) and crude palmolein by $ 112 per tonne. is of.
The board has also cut the base import price of crude soybean oil by $ 37 per tonne. This reduction in the import duty value of edible oil will come into effect from June 17. Tax experts say that the reduction in duty value may reduce the prices of edible oil in the domestic market as it will reduce the customs duty payable on the original import price.
may have an impact on retail price
AMRG & Associates Senior Partner Rajat Mohan said that there is a huge gap between the domestic consumption and demand of edible oilseeds in the country due to which they are imported in large quantities. Their retail prices have gone up during the last few months.
He said that this change in the basic import price could have an impact on the retail price provided the benefit of this reduction is passed on to the consumer through the entire supply chain including manufacturers, distributors and retailers. Two-thirds of the demand for edible oils in the country is met through imports. The prices of edible oils have risen sharply in the last one year.
Imports up 9% in 7 months
According to the Solvent Actors Association of India, the total import of vegetable oils (including edible and non-edible oils) increased by 9 per cent to 76,77,998 tonnes during November 2020 to May 2021. Which was 70,61,749 tonnes in the same period last year. In the case of edible oils, the year is from November to October.
Prices fell by up to 20 percent
There has been a huge increase in the prices of edible oil in the last one year. The prices of edible oil have been declining since last one month. Some oil prices have fallen by as much as 20 percent. According to the ministry’s data, the price of mustard oil on May 16 was Rs 175. Now there has been a drop of 10 percent in them and today it is getting Rs 157 a kg. Apart from this, the prices of groundnut oil have come down by 8 percent. Now it is getting Rs 174 per kg instead of 190.
According to ministry data, on 07 May 2021, the price of palm oil was Rs 142 per kg. At present it is getting Rs 115/kg. Its prices have come down by 19 percent. On the other hand, when it comes to sunflower oil, there has been a decline of 16 percent. On the 5th of last month, one kg of sunflower oil was getting Rs 188 per kg, which is currently being available for Rs 157.
read this also- Indians deposited maximum money in Swiss bank during Corona period, 13 year record broken
(with language input)
.