Govt cuts benchmark import price on edible oil; new rates to come into effect from TODAY– check details here

In an attempt to give relief to the consumers, the government on Wednesday reduced the benchmark import price of edible oil. In this regard, the import tariff value on crude palm oil was reduced by $87 to $1,136/tonne, while crude soya oil import tariff value reduced by $37 to $1,415/tonne. 

The Central Board of Indirect Taxes and Customs through Ministry of Finance said in a notification about the benchmark import price cut. The notification reads that the new rates shall come into force with effect from the 17th day of June, 2021. 

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

India’s monsoon-sown oilseeds output is seen rising 15% from a year earlier to 25.73 million tons in 2020-21, according to the farm ministry. Lately, edible oil prices have been skyrocketed with the rise in the oil prices across categories in international markets. 

In the commodity markets, crude palm oil jumped over two per cent to Rs 1022 per 10 kgs, while, crude soya oil rose by around one hand a half per cent to Rs 1296 per 10 kgs on Wednesday. 

However, in order to protect the interest of domestic oilseeds growers and processors, the central government, earlier on Monday, had raised the import duty by 5-10 per cent on non-palm edible oils, both crude and refined ones. 

The government, in March, had raised the import duty on crude palm oils from 30 per cent to 44 per cent, while that on refined palm oils to 54 per cent from 40 per cent.

(Authored by Vaibhav Bansode)