The edible oil used in your kitchen may become cheaper very soon. The reason behind this is that the central government has reduced the customs duty on crude palm oil.
The edible oil used in your kitchen may become cheaper very soon.
Your cooking oil ,Edible Oil, Could be cheap very soon. The reason behind this is that the central government has released crude palm oil. (Crude Palm Oil) customs duty on (Custom Duty) has been reduced to. Now instead of 7.5 percent, only 5 percent cess on crude palm oil (Cess) It will take And because of this, the customs duty will now be 5.5 percent instead of 8.25 percent. With this cut, palm oil prices can come down by up to Rs 280 per quintal. It is clear from this that if the prices of palm oil are reduced, then edible oil will also become cheaper. Because palm oil is used in making edible oil. The increased oil prices have been in the news for a long time.
Earlier in October 2021 also, the government had reduced the import duty of edible oil. And the companies had reduced the price of edible oil by 8 to 12 rupees per kg. In the financial year 2020-21, 8.5 million metric tonnes of palm oil has been used in India. At the same time, 8 to 9 million metric tonnes of palm oil was used in the financial year 2011-12.
Every year 25 million tonnes of edible oil demand in the country
It is believed that an Indian person consumes about 19 kg of edible oil in a year. Soybean and palm oil account for 86 percent of the edible oil used in the country. According to an estimate, there is a demand of 25 million tonnes of edible oil every year in the country. But only 10.5 million tonnes of edible oil is produced in the country. India meets the remaining 60 percent of the requirement through imports. And the world’s largest palm oil producing countries are Indonesia and Malaysia. India also imports crude palm oil from these countries.
Let us tell you that in order to control the prices of edible oil and oilseeds, the Center has recently asked the states to implement the order of storage limit on these commodities. The Center has asked the states to implement this order without disrupting the supply chain and trade. On February 3, the Union Consumer Affairs Ministry had ordered to increase the stock limit on edible oils and oilseeds by three months i.e. till June 30. The limit of storage was also mentioned in the order.