Daily wholesale prices of edible oils drop significantly post reduction in standard rate of duty
New Delhi: Following the Centre’s bold move to slash the standard rate of duty on edible oils a week ago to check prices, a massive difference in daily wholesale prices was reported.
The daily wholesale prices of packed Palm Oil dropped by 2.50% followed by Seasame Oil by 2.08%, Coconut Oil by 1.72%, packed Ground Nut Oil by 1.38%, packed Sunflower Oil by 1.30%, packed Mustard Oil by 0.97%, packed Vanaspati by 0.71% and packed Soya Oil by 0.68%.
Based on the interaction with all the States and Edible Oil Industry Associations, the need for greater transparency was felt. As a follow-up action, the Department of Food and Public Distribution is in the process of creating a web portal for monitoring the stocks of Edible Oils/Oilseeds on a weekly basis in the country. The data on the portal will be submitted by millers, refiners, stockists, and wholesalers, etc. States have also issued directions for the display of retail prices prominently to ensure fair pricing.
The Government of India, Vide Notification No. 42/2021- Customs, dated 10th September 2021, further reduced the standard rate of duty on
- Crude Palm Oil, Crude Soyabean oil and Crude Sunflower Oil to 2.5% with effect from 11.09.2021.
- The standard rate of duty on Refined Palm Oils, Refined Soyabean oil and Refined Sunflower Oil to 32.5% with effect from 11.09.2021.
This is turn has reported drop in the edible oil daily wholesale prices:
From the above table it can be seen that wholesale price of edible oils showing decreasing trend over the last week.
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