Govt cuts import duty on soya oil, sunflower oil by 7.5%; aims to provide relief to CONSUMERS by bringing down burgeoning cooking oil prices

In a major step, 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.  

Mrituenjay Kumar Jha, Commodity Editor and Anchor of Consumer, Political shows at Zee Business, shared further details on this. This is big news in the oil market. He said the exact deduction will be more than 8 per cent. This means the import cost of cooking oil will be less now. This news is really important at this point in time because the cost of cooking oil is soaring continuously. It has been increased almost 50 per cent till date. And this was the reason there was constant pressure on the government to reduce the cost of cooking oil.  

Recently, the government made some decisions but there was no major impact on this. The industry was demanding constantly the government to take the action on this. Edible oil cost was marching southward. Mustard oil reached Rs 200 per liter. The government was looking into this constantly and now this decision is a big move by them, he added.  

“Out of the total oil consumption in India, we import almost 50 per cent. India had to increase the price as the oil cost surged in the international market. This was burdening the Indian consumers,” Jha added. 

“I was talking to some experts, they mentioned that if India is deducting the duty cost, then the price of oil will surge in the global market. So, the next-to next profit consumers don't get. But the government had no choice and had to take this decision,” Jha added.

सोया तेल और सूरजमुखी तेल पर इंपोर्ट ड्यूटी में 7.5% की कटौती

खाने के तेल के दाम कम करने के लिए सरकार ने उठाया कदम#Commodity #Commodities @MrituenjayZee pic.twitter.com/LfpmkhopQ0

— Zee Business (@ZeeBusiness) August 20, 2021

Jha mentioned that at the same time, the government is also concerned to increase the production of cooking oil. After Zee Business reported, the government has given a green nod to the palm oil mission. It will make an investment of Rs 11,000 crore. But this all will take time of at least 4-5 years now. For now, this will surely give a breather to the consumers.

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He said that also in this deduction, only soya oil and sunflower oil are included, palm oil is not part of this. The deduction was already made on palm oil. India imports palm oil more.