New Delhi. The general public can get relief from a decision of the Modi government. In the coming days, the prices of edible oils may see a fall. The government has tried to control the prices of edible oils by reducing the import duty on it.
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The Modi government on Tuesday decided to reduce the import duty on crude palm oil to 10 percent. With this, the import duty on other palm oils has been reduced to 37.5%. According to media reports, the new rates have become valid from June 30. These will continue till 30 September 2021.
Custom duty up to 15 percent on imports
At present, customs duty of up to 15 percent is levied on the import of crude palm oil in the country. At the same time, these rates are up to 45 percent on other categories of palm oil. According to BV Mehta, Executive Director, Solvat Extractors Association of India (SEA), the import duty on crude palm oil has been reduced from 15 per cent to 10 per cent, but the effective duty on crude palm oil has come down by 5.50 per cent. These have come down from 35.75% to 30.25%.
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palm oil demand
Palm oil is one of the largest edible oils in the country. It is used by blending edible oil. Mustard oil also reached 200 per liter in May. However, there has been some softening in the prices in the past. But still their prices remain very high.