Crude Palm Oil: News of relief, the government reduced customs duty on crude palm oil

Crude Palm Oil: News of relief, the government reduced customs duty on crude palm oil

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New Delhi. The Modi government has taken a big decision to reduce the rising prices of edible oil. In fact, the government on Saturday reduced the effective custom duty of crude palm oil or CPO to 5.5 percent. This move will help in reducing the prices of edible oil and provide relief to the consumers.

An official notification said on Saturday that the Agricultural Infrastructure Development Cess of 5 per cent will now be levied on crude palm oil, which was 7.5 per cent so far. After this reduction, the effective custom duty on crude palm oil will be 5.5 per cent instead of 8.25 per cent.

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There was a cut in the import duty of edible oil in October 2021
Traders said that due to this cut, the prices may come down by Rs 280 per quintal. The government had earlier cut the import duty of edible oil in October 2021 as well. India meets more than 60 percent of its edible oil needs through imports. Indonesia and Malaysia are the major suppliers of RBD Palmolein and Crude Palm Oil to India.

On Saturday, the wholesale price in the market remained as follows- (Rs. per quintal)
Mustard oilseeds – 8350-8380 (42 percent condition price) Rs.
Groundnut – Rs 5,825 – 5,920
Groundnut Oil Mill Delivery (Gujarat) – Rs 12,900
Groundnut Solvent Refined Oil 2050 – Rs 2,175 per tin
Mustard oil Dadri – Rs 16,600 per quintal
Mustard Pakki Ghani – Rs 2450-2500 per tin
Mustard Kachhi Ghani – Rs 2650-2745 per tin
Sesame Oil Mill Delivery – Rs 16,700-18,200
Soyabean Oil Mill Delivery Delhi – Rs 14,100
Soybean Mill Delivery Indore – Rs 13,850
Soyabean Oil Degum, Kandla – 12,700
CPO Ex-Kandla – Rs 12,150
Cottonseed Mill Delivery (Haryana) – Rs 12,950
Palmolein RBD, Delhi – Rs 13,600
Palmolein Ex- Kandla – 12,500 (without GST)
Soybean grain – 6750-6800
Soyabean loose – Rs 6550-6690
Makkah Khal (Sariska) – Rs 4,000

Tags: custom duty, Edible oil, edible oil price, Palm oil

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