Government Reduces Import Duty On Palm Oil To Give Relief From High Cooking Oil Prices


Cooking Oil Prices To Come Down: You can get relief from inflation on the new year. Because the prices of edible oil are likely to come down. In fact, in view of the rising prices of edible oil, the government has taken a big decision. The government has decided to reduce the import duty on cooking oil by 12.5 percent. It is believed that this decision of the government will reduce the prices of edible oil.

Government reduced import duty by 12.5%

In fact, in order to increase the supply of edible oil, the government has reduced the basic customs duty on refined palm oil from 17.5 percent to 12.5 percent. So that the prices of edible oil can be brought down. This decision by the government will not only increase the domestic supply but will also help in reducing the retail prices of edible oil. The government will also allow traders to import refined palm oil without a license till December 2022.

Government took this step

Finance Minister Nirmala Sitharaman, while replying to the discussion on Demand for Grants in the Lok Sabha, expressed the government’s concern regarding the rising prices of edible oil. He assured that the government is taking steps in this direction. After which the government has reduced the import duty for the purpose of controlling the prices of edible oil. Even before this, import duty on both refined and crude edible oils has been cut several times this year.

India imports 65% of edible oil

Let us tell you, India imports 65 percent of the consumption of edible oil. Open consumption of Barat The consumption of edible oil is 22 to 22.5 million tonnes. Explain that India imports 13-15 million tonnes to bridge the gap between demand and domestic supply.

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