The central government of India decreased import duty by 5.5% for edible oil like palm oil, soy oil and sunflower oil.
Traders said that due to these activities and the new season, edible oil prices are expected to decrease.
The new rule applied on 11th September,’21, decreased oil duty from 30.25% to 24.75%. However, refined palm oil duty decreased from 41.25% to 35.75%, and for crud, soy oil duty from 30.25% to 24.75%. Import duty for refined soy oil decreased from 41.25% to 35.75%.
Import duty on sunflower oil is lower from 30.25% to 24.75%.
As per the latest interview of traders, a big boom in the oil market was noticed the cause of the fewer arrivals of mustard seeds. According to them, the government needed to decrease mustard oil duty too.
The government will also take action on the stock of oilseeds by wholesalers, refinery and millers and suggest deciding minimum support prices so that customers can get at a reasonable price.
Since one year, edible oil prices have increased from 25% to 80% in the country.