Good News! Cooking oils to get cheaper! PM Narendra Modi Govt slashes import duty on edible oils by 5.5% ahead of festivals

In a big relief, Prime Minister Narendra Modi led central government has decided to reduce import duty on edible oils wih immediate effect from Saturday, September 11,2021. Keeping the interest of common man in mind, the government decided to slash import duty on edible oils by 5.5 per cent. The decision comes after Secretary of Food and Public Distribution met with state officials on the issue on Friday. 

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The government has reduced import duty, icluding cess and other charges, on crude plam oil from 30.25% to 24.75%.  

Similarly, import duty on crude degummed soyabean oil and crude sunflower oil has been cut down to 24.75% from 30.25per cent, while import on RBP palm olein has been brought down from 4.25% to 35.75 per cent. Also, refined soyabena oil has seen similar cut of 35.75 per cent vs 41.25 per cent. 

The decision comes after edible oil prices has seen spike up to 50 per cent in the last one year.  

Earlier, the government has also reduced import duty on edible oils last month. In a major step last month, the government has reduced the price of cooking oil. The Centre has made 7.5 per cent reduction in the import duty of soya oil and sunflower oil in August.   

On Friday, In a move to check the unfair practices and to bring transparency in the availability of edible oils, the Secretary of Food and Public Distribution met with state officials.    

In an interaction, the Secretary said that the production of oilseeds is expected to increase in the coming Rabi season. This is also expected to bring down the prices of edible oils from October onwards. He also said that as of now there is no need for extension of import duty relaxations.