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Govt asks states to ensure reduction in edible oil prices

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Government asks states to ensure that prices of edible oils come down after duty cuts

A day after the government cut import duty on edible oils to reduce rising prices, it has written to eight major oil-producing states asking them to ensure that the rates after the duty cut to provide relief to the people. be brought down.

In a letter addressed to eight major oil producing states including Maharashtra, Gujarat, Uttar Pradesh, West Bengal, Tamil Nadu and Andhra Pradesh, the government has asked them to see that the full benefit of duty cut is passed on to consumers. To give them relief from the high prices of edible oils, official sources said.

The Ministry of Consumer Affairs, Food and Public Distribution on Wednesday cut import duty on edible oils keeping in view the festive season and their rising prices.

The Central Board of Indirect Taxes and Customs (CBIC) in two separate notifications had cut basic customs duty and agriculture and infrastructure development cess on various types of edible oils.

Basic customs duty on crude palm oil, crude soybean oil and crude sunflower seed oil has been reduced from 2.5 per cent to nil. Agriculture cess on crude palm oil was also reduced from 20 per cent to 7.5 per cent.

Agriculture cess on both crude soybean oil and crude sunflower oil has been reduced from 20 per cent to 5 per cent. The duty cut on all categories of edible oils became effective from today and is applicable till March 31, 2022.

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