With a view to provide relief to consumers from the sharp increase in the prices of edible oils, the Government of India on Monday announced that agri-cess on crude palm oil has been reduced to 5 per cent with effect from 12th February 2022 from the earlier 7.5 per cent.
After the reduction of the agri-cess, the import tax gap between crude palm oil (CPO) and Refined Palm Oil has increased to 8.25 per cent. The increase in the gap between the CPO and Refined Palm Oil will benefit the domestic refining industry to import Crude Oil for refining, the Ministry of Consumer Affairs, Food & Public Distribution said in a statement.
"Another pre-emptive measure taken by the Government to check the prices of edible oils is to extend the current basic rate of import duty of zero percent on Crude Palm Oil, Crude Soyabean oil and Crude Sunflower Oil up to 30th September 2022," it said.
The rate of import duty on Refined Palm Oils at 12.5 per cent, Refined Soyabean oil and Refined Sunflower Oil at 17.5 per cent will remain in force up to 30th September 2022. This measure will help in cooling down the prices of edible oils which are witnessing an upward trend in the international market due to lower availability and other international factors.
( With inputs from ANI )
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