Government cuts basic duty on crude palm oil, soyabean oil and sunflower oil to contain rise in cooking oil prices
The government has cut the basic duty on crude palm oil, crude soyabean oil, and crude sunflower oil from 2.5 percent to nil in a bid to reign in a continuous rise in the cooking oil prices for the past year. The Agri-cess on these Oils has been brought down from 20 percent to 7.5 percent for crude palm oil and 5 percent for crude soyabean oil and crude sunflower oil.
Consequent to the above reduction, the total duty is 7.5 percent for crude palm oil 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.
Before reduction, the agricultural infrastructure cess on all forms of crude edible oils was 20 percent. Post reduction, the effective duty on crude palm oil will be 8.25 percent, crude soyabean oil and crude sunflower oil will be 5.5 percent each.
To control prices of edible oils the government has rationalised import duties on palm oil, sunflower oil and soyabean oil, futures trading in mustard oil on NCDEX has been suspended and stock limits have been imposed.
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