Government’s big announcement to make oil cheaper: Import duty of crude palm oil, soybean and sunflower oil ends, import duty will not be imposed on them till March 31 next year

Mail Us For Business inquiry
- Advertisement -

To bring down the price of edible oils, the government has made a big announcement before the festivals. It has abolished import duty on crude palm oil, soybean and sunflower oil for six months. Agri Cess on Crude Palm Oil has also been reduced from 20% to 7.5% while that of Crude Soya and Sunflower has been reduced to 5%.

There will be no import duty on them till March 31 next year.

The Central Bureau of Indirect and Customs said that import duty will not be levied on them till March 31 next year. However, import duty will continue to be levied on refined soya oil and sunflower oil, it has said.

Chance to cut tax twice before November

Sources say that before the arrival of the new crop of oilseeds in November, the cess on import of oils may be cut twice. Considering the current price of oils in the market and the trend of supply, the scope has been made for this.

Mustard oil may be cheaper, imports may increase

The prices of mustard and palm oil may come down in the coming months, indicated by record imports of edible oils in September. The import of crude mustard oil started again from August after the price of mustard oil reached the sky in the domestic market and 32,500 tonnes of oil has been imported in the last two months.

20,215 tonnes of mustard oil imported from abroad last month

According to the Solvent Extractors Association of India (SEAO), 12,437 tonnes of crude mustard oil were imported in August and 20,215 tonnes in September. BV Mehta, executive director of SEAO, said in a statement that the import of crude mustard oil may increase in the next two to three months to meet the demand of the domestic market.

16.98 lakh tonnes of edible oils imported in September

According to SEAO, 16.98 lakh tonnes of edible oil were imported from abroad last month, which was the highest import in any one month. Earlier in October 2015, 16.51 lakh tonnes of edible oils were imported.

A record 12.62 lakh tonnes of palm oil was imported

A total of 12.62 lakh tonnes of palm oil was imported in September. This is the highest in a single month since its imports began in 1996. This is the largest quantity of edible oils imported from abroad.

Imports decreased on an annual basis in June, July and August

In the three months before September, i.e. June, July and August, there was a year-on-year decline in the import of edible oils. The import of edible oil was 9,69,431 tonnes (-17%) in June, 9,17,336 tonnes (-40%) in July and 10,16,370 tonnes (-22%) in August.

Record import of vegetable oils also 17,62,338 tonnes

According to SEOA, there was also a record import of vegetable oils last month. In September, 17,62,338 tonnes of oil was imported, which is 66% higher than September 2020. A year ago, 10,61,944 tonnes of oil was imported in the same month.

Import duty is getting a boost due to reduction in import duty

According to SEOA, import of oils is getting a boost due to the changes made in the government policy regarding import duty in the last few months. In fact, the government has taken steps to reduce the import duty to curb the rising prices of edible oils in the country.

Palm oil import duty reduced by 23.65% from February 2 to September 11

Effective import duty on crude palm oil was reduced by 11% from February 2 to September 11 this year. The import duty of refined palm oil declined the most at 23.65%, while that of crude and refined soybean and sunflower oil declined by 13.75%.

.

- Advertisement -
Mail Us For  DMCA / Credit  Notice

Recent Articles

Stay on top - Get the daily news in your inbox

Related Stories