Government calls on states to guarantee lower edible oil prices


Government urged states to ensure edible oil prices are reduced after tariff cuts

A day after the government slashed import tariffs on edible oils in an effort to drive their prices down, it wrote to eight major oil-producing states asking them to ensure that rates were lowered after the reductions in rights to relieve the population.

In a letter to eight major oil-producing states, including Maharashtra, Gujarat, Uttar Pradesh, West Bengal, Tamil Nadu and Andhra Pradesh, the government asked them to ensure that the full benefit tariff reductions are passed on to consumers. in order to relieve them from the high prices of edible oils, official sources said.

See also  NFL markets Super Bowl halftime sponsorship rights as Pepsi deal expires

The Ministry of Consumption, Food and Public Distribution on Wednesday reduced import duties on edible oils, keeping in mind the holiday season and the fact that the increase in their prices was becoming a subject of concern.

The Central Council of Indirect Taxes and Customs (CBIC) in two separate notifications had reduced basic tariffs and the cessation of agricultural and infrastructure development on a variety of edible oils.

See also  MAS tightens Singdollar policy in surprise move to "ensure price stability in the medium term"

The basic tariffs on crude palm oil, crude soybean oil and crude sunflower oil have been reduced from 2.5 percent to zero. Crude palm oil also saw its agricultural contribution drop from 20 to 7.5 percent.

The agricultural tax on crude soybean oil and crude sunflower oil has been reduced from 20 percent to 5 percent. The tariff reductions on all categories of edible oils came into effect as of today and are applicable until March 31, 2022.

See also  Government imposes stock limit on edible oils to curb prices



Please enter your comment!
Please enter your name here