Prices of edible oil reduce ahead of festive season

Aurangabad, Oct 17:

Due to the reduction in import duty by the central government, the prices of soybean and sunflower oil have come down by Rs 5 to Rs 10 per litre. Traders have indicated that prices will fall further in the coming days. This has come as a relief for the citizens ahead of the festive season.

Prices of edible oils were skyrocketing for the last one and a half years. Safflower oil had crossed Rs 200 per litre, while other oils had crossed Rs 150 per litre. To curb rising inflation, the central government announced a reduction in customs duty and agricultural cess on palm, soybean and sunflower oil till March 31, 2022. Agricultural cess will be levied at 7.5 per cent on crude palm oil and 5 per cent on sunflower oil. Customs duty has been reduced to 8.25 per cent for palm oil, 5.5 per cent for soybean oil and 5.5 per cent for sunflower oil. The effect of this is slowly appearing in the market. Soybean oil fell by Rs 10 and was being sold for Rs 135, palm oil reduced by Rs 5 and was sold at Rs 130 and sunflower oil by Rs 150 per litre. Trader Jagannath Bassaiye said that the price of groundnut oil is likely to fall by Rs 10 in the coming week due to the arrival of new groundnuts.

Prices of edible oil

Edible oil Price per litre

Soybean oil Rs 135

Palm oil Rs 130

Sunflower oil Rs 150