New Delhi: Edible prices are higher than year ago period but from October onwards there was a declining trend following government intervention to improve the production of secondary edible oils, especially rice bran oil to reduce the import dependence.
The Ministry of Consumer Affairs, Food & Public Distribution claimed today that despite international commodity prices being high, interventions taken by Central Government along with State Governments’ involvement have led to reduction in prices of edible oils.
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.
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 Ministry stated today that the basic duty on RBD palmolein oil, refined soyabean and refined sunflower oil has been slashed to 17.5% from the current 32.5%.
Before reduction, the agricultural infrastructure cess on all forms of crude edible oils was 20%. Post reduction, the effective duty on Crude Palm Oil will be 8.25%, Crude Soyabean Oil and Crude Sunflower Oil will be 5.5% 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 National Commodity & Derivatives Exchange Limited (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 litre. 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.
– global bihari bureau
