Central government Has announced a reduction of 10 percent in the duty charged on import of crude edible oil. This decision of the government is also expected to decline by 5-6 percent in retail prices of edible oil in the next two weeks. Sudhakar Rao Desai, director and CEO of Emami Agrotech, told PTI, “Edible oil prices which had increased by about 17 percent in recent months, are now slowly decreasing. We hope that it will soon come in a single digit. ‘
Will the prices of mustard oil also affect
The executive of the edible oil manufacturer in Eastern India said that its advantage in retail prices is expected to appear in about 2 weeks, but the initial signs of softening of prices in wholesale markets have already appeared. He said that price improvement will not be limited to imported oils only. Sudhakar Rao Desai said, “Even mustard oil, which is not dependent on imports, can see a decrease of 3-4 percent due to overall decline pressure in the edible oil market.” Behind the curtain, policy changes are also giving new life to India’s edible oil laundering industry.
The difference between raw and refined oil charges has increased from 12.5 percent to 22.5 percent, making importing crude oil and refining it at the domestic level for companies. Keshav Kumar Halder, managing director of Haldar Venture Limited, said, “There is a big change, a big change.”
Dependence on imported refined oil will be reduced
“Domestic retail prices of imported edible oils such as soybean, sunflower and palm oil are expected to fall gradually,” the head of the list agriculture firm Haldar Venture in the stock market. This decline is also likely to spread to domesticly produced oils such as rice husk and mustard oil. “The leading businessman of the industry estimates that the capacity utilization in the refining sector may increase by 20-25 percent, which will promote the central government’s ‘Make in India’ initiative and reduce dependence on imported refined oil.
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