Edible oil

• Government has slashed the basic duty on crude palm oil, crude soyabean oil and crude sunflower oil from 2.5 percent to nil in a bid to reign in continuous rise in the cooking oil prices since past one year.

About:

• The Agri-cess on these Oils has been brought down from 20 percent to 7.5 percent for crude palm oil and 5 percent for crude soyabean oil and crude sunflower oil.

• Consequent upon the above cut, the total duty is reduced to 7.5 percent for crude palm oil and 5 percent for crude soyabean oil and crude sunflower oil.

• The basic duty on RBD Palmolein Oil, Refined Soyabean and Refined Sunflower Oil has been slashed to 17.5 percent from the current 32.5 percent. Before reduction, the agricultural infrastructure cess on all forms of crude edible oils was 20 percent.

• Post reduction, the effective duty on crude palm oil will be 8.25 percent, crude soyabean oil and crude sunflower oil will be 5.5 percent each.

• To control prices of edible oils the government has rationalised import duties on palm oil, sunflower oil and soyabean oil, futures trading in mustard oil on NCDEX has been suspended and stock limits have been imposed.

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Mains Paper 3: Economy

Prelims level: Edible Oil

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