Daily wholesale prices of edible oils drop post cut in rate of duty
Following the Centre's audacious effort to lower the standard rate of tax on edible oils to rein in prices lately, a significant variation in daily wholesale prices was recorded.
Daily wholesale prices for packed Palm Oil decreased by 2.50%, followed by 2.08% for Sesame Oil, 1.72% for Coconut Oil, 1.38% for packed Ground Nut Oil, 1.30% for packed Sunflower Oil, 0.97% for packed Mustard Oil, 0.71% for packed Vanaspati Oil, and 0.68% for packed Soya Oil.
The discussion with all states and edible oil industry organisations revealed a need for increased transparency. As a follow-up, the Department of Food and Public Distribution is developing a web portal for weekly monitoring of the country's supplies of Edible Oils/Oilseeds. The service will collect data from millers, refiners, stockists, and distributors, among others. Additionally, states have issued directives requiring prominent display of retail prices to ensure fair pricing.
In Notification No. 42/2021-Customs issued September 10, 2021, the Government of India further decreased the standard rate of duty on
1. Crude Palm Oil, Crude Soybean Oil, and Crude Sunflower Oil will be limited to 2.5 percent beginning 11.09.2021.
2. Increased the standard rate of duty on refined palm oils, refined soybean oils, and refined sunflower oils to 32.5 percent beginning September 11, 2021.