Following the center’s bold move to lower the standard tariff rate on cooking oil and check prices a week ago, significant differences were reported in daily wholesale prices.
According to information provided by the Ministry of Consumer Foods and Public Distribution, the daily wholesale price of packed palm oil fell by 2.50%, followed by sea shark oil by 2.08%, coconut oil by 1.72% and packed ground nut oil. Decreased by 1.38%. We packed 1.30% sunflower oil, 0.97% mustard oil, 0.71% vanaspati and 0.68% soybean oil.
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The ministry said in a statement that it felt the need for greater transparency based on interactions with all states and edible oil industry associations.
As a follow-up activity, the Food Public Distribution Department has added that it is creating a web portal to monitor domestic edible oil / oil seed inventories weekly.
Data on the portal is submitted by millers, refiners, suppliers, wholesalers and more. The state has also issued instructions to prominently display retail prices to ensure fair pricing.
Government of India, Vide Notification No. 42 / 2021-Customs, dated September 10, 2021, further reduced the following standard tariff rates.
1. Crude palm oil, crude soybean oil, crude sunflower oil up to 2.5%, effective from September 11, 2021.
2. The standard tariff rate for refined palm oil, refined soybean oil, and refined sunflower oil will be 32.5% from September 11, 2021.
This is the order in which we reported the decline in daily wholesale prices of cooking oil.
From the table above, we can see that the wholesale price of cooking oil has been on a downward trend since last week.
The daily wholesale price of cooking oil drops significantly.Web portal in progress to monitor stocks
Source link The daily wholesale price of cooking oil drops significantly.Web portal in progress to monitor stocks