Edible oil custom duty: The central government has reduced customs duty on crude palm oil, raw soybean oil and raw sunflower oil to 10 percent. Earlier, the fee on these edible oils was 20 percent. This decision of the government will make edible oil cheaper and people will get relief from inflation.
The Finance Ministry issued a notification late at night saying that the decision to reduce the Suma duty from raw palm, soybean and sunflower oil has come into force from Friday night. After this cut, the total import duty on all three oils will be reduced from 27.5 per cent to 16.5 per cent.
It is being told that the market and all its participants are facing financial crisis along with adverse geopolitical status. The financial condition of traders, importers and oil crushing mills is critical. The importers are selling foods at a weak price from their cost.
It is noteworthy that India imports more than 50 percent of its domestic edible oil requirement. India imports palm oils from Thailand, Malaysia and Indonesia, while soybean and sunflower oils in the country come from Brazil, Russia, Ukraine and Argentina.
The prices of oil and oils were as follows on Friday:
Mustard oilseeds – 6,675-6,760 rupees per quintal.
Peanut – 5,725-6,100 rupees per quintal.
Peanut oil mill delivery (Gujarat) – Rs 14,000 per quintal.
Peanut refined oil – Rs 2,245-2,545 per tin.
Mustard oil Dadri- Rs 14,100 per quintal.
Mustard paved Ghani- 2,490-2,590 rupees per tin.
Mustard raw ghani- 2,490-2,625 rupees per tin.
Soybean oil mill delivery Delhi- Rs 12,800 per quintal.
Soybean Mill Delivery Indore- Rs 12,750 per quintal.
Soybean Oil Digam, Kandla- Rs 8,700 per quintal.
CPO X-Kandla- Rs 11,350 per quintal.
Binaula Mill Delivery (Haryana)- Rs 13,100 per quintal.
Pamolin RBD, Delhi- Rs 12,800 per quintal.
Pamolin X-Kandla- Rs 11,700 (without GST) per quintal.
Soybean Dana – Rs 4,375-4,425 per quintal.
Soybean loose- 4,125-4,175 rupees per quintal.
