Trade bodies urged to maintain maximum retail prices of edible oils
This story was originally published at 21:28 IST on 17 September 2024
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NEW DELHI – The Centre has urged trade bodies to maintain the maximum retail prices of cooking oils in the domestic market, citing comfortable edible oil stocks imported prior to the hike in import duty, the Ministry of Consumer Affairs said in a press release today.
"Central Government is also aware that there is close to 30 LMT (3 mln tn) stock of edible oils imported at lower duty which is sufficient for 45 to 50 days domestic consumption," the ministry said.
On Friday, the government raised import duty on crude and refined edible oils. The basic customs duty on crude palm oil, soybean oil, and sunflower seed oil has been increased to 20% from nil, and that on refined palm oil, soybean oil, and sunflower oil was hiked from 12.5% to 32.5%. The effective import duty on crude oils will increase to 27.5% from 5.5% and that on refined oils will rise to 35.75% from 13.75%.
"These adjustments are part of the government's ongoing efforts to bolster domestic oilseed farmers, especially with the new soybean and groundnut crops expected to arrive in markets from October 2024," the release said.
In June 2023, the Centre reduced import duty on refined palm oil, soybean oil, and sunflower oil to 12.5% from 17.5%. With social welfare cess of 10%, the effective duty on refined edible oils came to 13.75%. This situation had led to a surge in imports of inexpensive oils, exerting downward pressure on domestic prices. End
Reported by Afra Abubacker
Edited by Ashish Shirke
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