Govt cuts basic duty on edible oils; major oil retailers cut wholesale prices by Rs 4-7/litre

Edible oil prices in major retail markets across the country have declined by Rs 5 per kg to Rs 20 per kg after various measures, including an import duty cut by the government, Food Secretary Sudhansu Pandey said on Friday. The official said that branded oil makers have also revised the rates for new stock.

Meanwhile, a government release has said that the government has cut the basic duty on crude palm oil (CPO), crude soyabean oil and crude sunflower oil from 2.5 percent to nil  in a bid to reign in continuous rise in cooking oil prices over the last one year.  The agri-cess on these oils has been brought down from 20 percent to 7.5 percent for CPO and 5 percent for crude soyabean oil and crude sunflower oil.

Consequent to this reduction, the total duty now on CPO is 7.5 percent and 5 percent for crude soyabean oil and crude sunflower oil . The basic duty on RBD Palmolein Oil, refined soyabean and refined sunflower oil has been slashed to 17.5 percent from the current 32.5 percent.