Edible oil prices off the hot plate as 2.5% basic duty scrapped

Edible Oil prices show a declining trend across the country after the government cuts basic duty on crude palm oil, crude soyabean oil and crude sunflower oil from 2.5% to nil, said the ministry of consumer affairs, food & public distribution.

Most edible oil companies like Adani Willmar and Ruchi industries have cut wholesale prices by Rs 4 -7 per litres.

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 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.

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.

GFefore 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.

” 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., ” the ministry said.

Palm oil- Decreased by