Center Reduces Import Duty By 5 Percent On Edible Oil

Delhi/Hyderabad, June 15 (Maxim News): The Central government led by Prime Minister Narendra Modi took a sensational decision on Wednesday midnight. Import duty on refined soybean oil and refined sunflower oil has been reduced to curb food inflation. Import duty on both these oil has been reduced from 17.5 percent to 12.5 percent. This is likely to reduce the prices for the consumers as well.

According to the sources the domestic and international prices of cooking oil have decreased for a few months and market sources are demanding an increase in tariffs. But the government reduced these tariffs. Traders say that since it is an election year, the government is focusing on food inflation. As it is an Electioneering year, it is said that there is concern over the southwest monsoon in 2023. It is said that the government wants to keep cooking oil prices under control. It is said that the reduction in tariffs may have a temporary sentimental effect.

As of June 2, 2023, the price of imported crude palm oil in India is around $ 860 per tonne. This is 45 percent less than last year. Imported crude soybeans cost $ 970 a tonne. This is 43 percent less than last year. the price of imported crude sunflower oil is $ 860 per tonne. This is 55 percent less than last year.

In April 2023, our country imported 1.05 million tonnes of cooking oils. This is 15 percent more than what was imported during the same period last year. (Maxim News)

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