NE BUSINESS BUREAU
NEW DELHI, NOV 5
In a bid to reign in continuous rise in the cooking oil prices for the past one year, the Government has cut the basic duty on Crude Palm Oil, Crude Soyabean Oil and Crude Sunflower Oil from 2.5% to nil in a bid to reign in continuous rise in the cooking oil prices since past one year.
The Agri-cess on these Oils has been brought down from 20% to 7.5% for Crude Palm Oil and 5% for Crude Soyabean Oil and Crude Sunflower Oil.
- Government has cut the basic duty on Crude Palm Oil, Crude Soyabean Oil and Crude Sunflower Oil from 2.5% to nil
- To control prices of edible oils the government rationalises import duties on palm oil , sunflower oil and soyabean oil
- Major edible Oils players cut wholesale prices by Rs. 4 -7 Per Ltr
- Central and State Governments’ pro active involvement have led to reduction in prices of edible oils.
Consequent upon the above reduction, the total duty is 7.5% for Crude Palm Oil and 5% 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% from the current 32.5%.
Stating that these measures have eased the burden on the consumers, Sudhanshu Pandey, Secretary of the Department of Food and Public Distribution, on Friday, said that edible oil prices have declined quite significantly, ranging from a decline of Rs 20 to Rs 7 at many places.
Addressing a presser in Delhi, Pandey said that the cooldown in prices is witnessed in palm oil, groundnut oil, soyabean oil and sunflower oil. According to the secretary, the oils constitute ~89% of the total oil basket.
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 oil 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 festival season.
The other players that have reduced the wholesale prices of edible oils are Gemini Edibles & Fats India, Hyderabad, Modi Naturals, Delhi, Gokul Re-foils and Solvent, Vijay Solvex, Gokul Agro Resources and N.K Proteins.
Despite international commodity prices being high, interventions have been taken by Central Government along with State Governments’ pro active involvement have led to reduction in prices of edible oils.
Edible prices are higher than year ago period but from October onwards there was a declining trend. The government is taking steps to improve the production of secondary edible oils, especially rice bran oil to reduce the import dependence.
Meanwhile, Pandey also refuted any speculation of the extension of the Pradhan Mantri Garib Kalyan Yojana. Pandey. “Since the economy is in revival mode, as of now there is no proposal to extend of Pradhan Mantri Garib Kalyan Yojana,” said Pandey.
Pradhan Mantri Garib Kalyan Yojana is a comprehensive relief package worth Rs 1.70 lakh crore that for the poor to help them mitigate the financial crisis of the COVID-19 pandemic.
Previously, Pandey had recently said that the Central government is tightening the noose on rising inflation amid the ongoing festive season, aiming to tame the rising prices of pulses and edible oils. He has added that the state governments will start fixing the stock limit from next week after holding talks with the traders.
Retail Prices as on 03/11/2021 over 31/10/2021 (Unit: Rs/Kg)
Palm oil- Decreased by
- Delhi -Rs 6
- Aligarh -Rs 18
- Jowai, Meghalaya-Rs 10
- Dindigul, TN -Rs 5
- Cuddaalore, TN -Rs 7
Groundnut oil- Decreased by
- Delhi – Rs 7
- Sagar, MP -Rs. 10
- Jowai, Meghalaya -Rs 10
- Cuddalore, TN -Rs. 10
- Karimnagar, Telanga-Rs 5
- Aligarh, UP – Rs 5
Soya oil – Decreased by
- `Delhi Rs 5
- Ludhiana, Punjab – Rs 5
- Aligarh, UP – Rs 5
- Durg, Chattisgarh-Rs 11
- Sagar, MP -Rs 7
- Nagpur, Maharashtra – Rs 7
- Jowai, Meghalaya -Rs 5
Sunflower oil – Decreased by
- Delhi – Rs 10
- Rourkela, Orissa – Rs 5
- Jowai, Meghalaya -Rs 20
