Daily wholesale prices of edible oils drop post reduction in standard rate of duty
The Department of Food and Public Distribution will create a web portal for monitoring the stocks of edible oils/oilseeds every week in the country
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The daily wholesale prices of packed palm oil dropped by 2.50 per cent followed by sesame oil by 2.08 per cent, coconut oil by 1.72 per cent, packed groundnut oil by 1.38 per cent, packed sunflower oil by 1.30 per cent, packed mustard oil by 0.97 per cent, packed Vanaspati by 0.71 per cent and packed soya oil by 0.68 per cent.
Based on the interaction with all the states and edible oil industry Associations, the 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 every week in the country. The data on the portal will be submitted by millers, refiners, stockists and wholesalers etc. States have also issued directions for the display of retail prices prominently 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
- Crude palm oil, crude soyabean oil and crude sunflower oil to 2.5 per cent with effect from 11.09.2021.
- The standard rate of duty on refined palm oils, refined soyabean oil and refined sunflower oil to 32.5 per cent with effect from 11.09.2021.