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Centre’s timely intervention leads to decline in prices of Edible Oils

Prices of Refined Sunflower Oil, Refined Soybean Oil and RBD Palmolien decreases by 29.04%, 18.98% and 25.43% respectively over a year

Newdelhi:26/7/23:Government of India is closely monitoring the domestic retail prices of edible oils to ensure that the full benefits of decrease in international prices is passed on to the end consumers. Regular meetings are conducted with leading Edible Oil Associations and industry wherein they are being advised to decrease the retail prices in line with falling international prices.

Further, in order to control and ease the prices of edible oils in the domestic market, the Government of India has taken the following steps:

  • The basic duty on Crude Palm Oil, Crude Soyabean Oil and Crude Sunflower Oil was cut from 2.5% to Nil. The Agri-cess on Oils was brought down from 20% to 5%. On 30th December, 2022, this duty structure has been extended upto 31st March, 2024.
  • The basic duty on Refined Soybean oil and Refined Sunflower Oil was reduced to 17.5% from 32.5% and the basic duty on Refined Palm Oils was reduced from 17.5% to 12.5% on 21.12.2021. This duty has been extended up to 31st March, 2024.
  • The Government has extended the free import of Refined Palm Oils till further orders.

As on 20.07.2023, the international prices of major Edible oils such as Crude Soybean Oil, Crude Sunflower Oil, Crude Palm Oil and Refined Palm Oils have decreased drastically since last year. Due to continuous efforts made by Government, the retail prices of Refined Sunflower Oil, Refined Soybean Oil and RBD Palmolien have decreased by 29.04%, 18.98% and 25.43% respectively over a year.

In the latest initiative taken by the Government, the import duty on Refined Sunflower Oil and Refined Soybean Oil has been reduced from 17.5% to 12.5% with effect from 15.06.2023.

This information was given by the Minister of State for Ministry of Consumer Affairs, Food and Public Distribution Ms. Sadhvi Niranjan Jyoti in a written reply today in the Lok Sabha.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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