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Center directs state to pass tariff reduction Rs 15-20 / kg after import of cooking oil price

The center expects retail cooking oil prices to fall by about 15-20 rupees per kg on Thursday, with eight to ensure that this profit is communicated to consumers and provides relief during the festival season. Instructed major producing countries.

The government said on Wednesday that it had abolished basic tariffs on crude palm, sunflower and soybean oil varieties and reduced tariffs on refined edible oils to ease retail prices for edible oils.

“This measure by the Government of India (reducing import tariffs on cooking oil) could lower the domestic price of cooking oil in India, which would benefit consumers at 15 to 20 rupees per kg of cooking oil.” Said the Ministry of Food in a statement. To ensure that this benefit is communicated to consumers, the ministry has ensured that all major edible oil producing countries will “reduce appropriate edible oil prices to reasonable levels in line with import tax cuts. “And immediate action” to.

This directive was issued to Rajasthan, Madhya Pradesh, Maharashtra, Gujarat, Uttar Pradesh, West Bengal, Tamil Nadu and Andhra Pradesh.

“… The state government will give consumers the full benefits of tariff reductions made by the center to provide immediate relief from the general high prices of cooking oil, especially during the upcoming festival season. We need to guarantee that. ” ..

According to the ministry, this will also help reduce food inflation and bail out consumers by lowering the price of cooking oil by about 15-20 rupees per kg.

The effective tariff on palm crude oil after reduction is 8.25%, while the effective tariff on soybean crude oil and sunflower oil is 5.5%. Previously, the effective tariffs on these three crude oil items were 24.75 percent each.

Import duties and tariff reductions, which will come into effect on October 14, will be effective until March 31, 2022. Tariffs on agricultural infrastructure development (AIDC) have also been reduced on palm crude, soybean crude and sunflower crude.

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Center directs state to pass tariff reduction Rs 15-20 / kg after import of cooking oil price

Source link Center directs state to pass tariff reduction Rs 15-20 / kg after import of cooking oil price

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