The current import duty on rice bran oil is 35.5%,
India is the largest importer of palm oil in the world. India imports edible oil worth about 70 thousand crore rupees every year.
Edible oil in the country (Edible OilThe government can take necessary steps for the purpose of keeping the ever-increasing demand and prices under control. government in the country palm oil ,Palm OilTo overcome the shortage, rice bran can announce a big cut in the import duty of oil. The current import duty on rice bran oil is 35.5%. According to sources, the government can bring it down to around 5 percent. Its formal announcement can be made soon. Through this step, the government estimates that the country will get an additional 50 to 60 thousand tonnes of rice bran oil.
Rice bran oil will be imported in large quantities from Bangladesh, Vietnam and Dubai. The advantage of this will be to keep the demand and prices of edible oil in the country under control.
Indonesia’s government may announce concession
Recently, the government of Indonesia has banned the export of palm oil in its country. According to sources, between May 15 and 20, the Indonesian government can hold a review meeting on its decision. In this review meeting, it can announce concession in the ban on export of palm oil.
Let us tell you that Indonesia is the world’s largest oil exporter. India imports half of the 7 lakh tonnes produced every month from Indonesia. Due to the closure of exports here, the supply and prices of oil have been affected.
Due to Indonesia’s decision, the supply of 2 million tonnes of palm oil in the global market will decrease every month. Due to the decrease in the supply of palm oil, the demand for other oils will increase and all the oils of this food have become expensive.
Government can also take this step
According to media reports, the government can also consider reducing the cess on the import of edible oil. The Ministry of Consumer Affairs is preparing to reduce the cess of 5 percent on edible oil imports from 5 percent. According to the Ministry of Finance, only 5 percent cess is levied on oil imports. If this is waived then the price will not be affected much.
The government may also try to demand palm oil. For this, an awareness program can also be run, so that an appeal can be made to shift from palm oil to other oils. To reduce the dependence on palm oil and reduce the prices of edible oil, the government has increased the import duty on rice bran oil. Announcement of deduction.