The government is reducing the benchmark import price for edible oil; the new rates will take effect from TODAY – check details here

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In an attempt to provide relief to consumers, the government on Wednesday reduced the benchmark import price for edible oil. In this regard, the import tariff value on crude palm oil has been reduced from $ 87 to $ 1,136 / tonne, while the import tariff value for crude soybean oil has been reduced by $ 37. at $ 1,415 / tonne.

The Central Council of Indirect Taxes and Customs through the Ministry of Finance said in a notification regarding the lower benchmark import prices. The notification states that the new tariffs will take effect from June 17, 2021.

While other oil imports such as RBD palm oil have been reduced to $ 1148 / tonne, other palm oil to $ 1142 / tonne, crude palmolein to $ 1150 / tonne, RBD palmolein at $ 1153 / tonne and others – palmolein at $ 1152 / tonne, the government notification says.

Indian monsoon-sown oilseed production is expected to increase 15 percent from the previous year to 25.73 million tonnes in 2020-2021, according to the Agriculture Ministry. Lately, edible oil prices have skyrocketed along with rising oil prices in all categories in international markets.

In commodity markets, crude palm oil jumped more than 2% to Rs 1,022 per 10 kg, while crude soybean oil rose by about a hand and a half to reach Rs 1,296 per 10 kg. kg Wednesday.

However, in an effort to protect the interests of domestic oilseed producers and processors, the central government earlier Monday increased import duties from 5% to 10% on edible non-palm, crude and refined oils.

The government in March had raised import tariffs on crude palm oils from 30 to 44 percent, while those on refined palm oils to 54 percent from 40 percent.

(Written by Vaibhav Bansode)


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