A huge difference was observed in the daily wholesale prices of edible oils, following a major step taken by the Centre to reduce the standard rate of duty on edible oils to keep a check on the prices.
The daily wholesale prices of packed Palm Oil fell by 2.50% and this was followed by Sesame oil that fell 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%.
A need for bringing greater transparency was felt upon discussions held with all the states and edible oil industry associations. The Department of Food and Public Distribution is in the process of developing a web portal to monitor the stocks of Edible Oils/Oilseeds on a weekly basis in the country as part of its follow up action. The millers, refiners, stockists, wholesalers, etc. will submit the data on the portal. Directions have also been issued to States to display retail price prominently so as to ensure fair pricing.
The Government of India, Vide Notification No. 42/2021- Customs, dated September 10, 2021, further reduced the standard rate of duty on
1. Crude Palm Oil, Crude Soyabean oil and Crude Sunflower Oil to 2.5% with effect from 11.09.2021.
2. The standard rate of duty on Refined Palm Oils, Refined Soyabean oil and Refined Sunflower Oil to 32.5% with effect from September 11, 2021.