Daily wholesale prices of edible oils drop significantly post reduction in standard rate of duty

Following Centre’s bold move to slash standard rate of duty on edible oils to check prices, a massive difference on 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, 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 display of retail price 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, September 2021.

The standard rate of duty on Refined Palm Oils, Refined Soyabean oil and Refined Sunflower Oil to 32.5% with effect from 11 September 2021.