According to media sources, The Centre has advised the leading edible oil associations not to hike retail prices till the existing stocks imported at nil and 12.5 percent of basic customs duty are exhausted. Secretary, Department of Food and Public Distribution (DFPD), Sanjeev Chopra chaired a meeting to discuss the pricing strategy with the representatives from various oil producers’ associations in New Delhi yesterday.
In a recent decision, the government increased the Basic Customs Duty on various edible oils to support domestic oilseed prices. Effective from 14th September, the Basic Customs Duty on Crude Soybean, Palm, and Sunflower Oils was increased from nil to 20 percent. This brought the effective duty on crude oils to 27.5 percent. Additionally, the Basic Customs Duty on Refined Palm, Sunflower, and Soybean Oils was increased from 12.5 percent to 32.5 percent, making the effective duty on refined oils 35.75 percent.
The Ministry of Consumer Affairs, Food, and Public Distribution said in a statement that these adjustments are part of the government’s ongoing efforts to bolster domestic oilseed farmers, especially with the new soybean and groundnut crops expected to arrive in markets from next month.
The direction ahead of festival season adds that the government is also aware that there is close to 30 lakh metric tonnes of stock of edible oils imported at lower duty, which is sufficient for 45 to 50 days of domestic consumption.
News Source: newsonair.gov.in
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