Friday, January 21st, 2022

Edible oil: Prices will drop by up to Rs 15 before festivals, record imports for supply in September

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Summary

SEA’s executive director BV Mehta said palm oil imports stood at a record 12.62 lakh tonnes in September, the highest since imports were introduced in 1996.

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The government is making constant efforts to keep the retail prices of edible oils low ahead of the festivals. After fixing the storage limit for edible oils, the basic customs duty on palm, soya and sunflower crude oil was also reduced on Wednesday.

Apart from this, record imports were made in September to improve supply during the festive season. The government has announced to reduce customs duty on edible oils, giving a big relief to the common man before the festivals. Due to this, the price of edible oils of palm, soybean and sunflower will be reduced by up to Rs 15.

Edible oil organization SEA said that imports in September increased by 63 per cent to a record 16.98 lakh tonnes. This is the highest ever import in any single month, in which palm oil has a record share. Earlier, the highest import of edible oil was 16.51 lakh tonnes in October 2015.

The import of non-edible oils also increased by nearly three and a half times to 63,608 tonnes as against 17,702 tonnes in the previous year. The share of palm oil in total oil imports has also increased to 63 per cent from 54 per cent last year.

Fee cut for the fourth time
The government has cut excise and customs duty for the fourth time in the last few months to bring down the prices of edible oils. After the reduction in cess and customs duty on Wednesday, the price of refined palm oil will come down by Rs 8-9 a liter and that of sunflower and soybean oil by Rs 12-15.

The executive director of SEA said, “Usually, international prices go up after the government cuts import duty. In the last one year, edible oil has become costlier by 46.15 per cent in the domestic market. 60% of the total edible oil consumption in the country has to be imported.

Tomato turned red due to inflation, reached Rs 72 a kg
Tomato prices are increasing continuously in metro cities. Retail prices have touched Rs 72 a kg in some cities after rain ravaged crops in Madhya Pradesh and Maharashtra.

The Consumer Ministry said that on Thursday, tomato was selling at Rs 72 per kg in Kolkata, which was being sold at Rs 38 a month ago. In Delhi-Chennai, the price has increased by Rs 30 to Rs 57, while in Mumbai it is Rs 53. However, the retail price of tomato has reached more than Rs 100/kg in many areas of Delhi.

How much did the price increase in a year
edible oil 2020 2021
Soy 106 154.95
Mustard 129.19 184.43
Vegetation 95.5 136.74
Sunflower 122.82 170.09
Palm 95.68 132.06
Source: Ministry of Food, Data: As of 9 October

The central government has announced to reduce customs duty on edible oils, giving a big relief to the common man before the festivals. Due to this, the price of edible oils of palm, soybean and sunflower will be reduced by Rs 15 and the burden of common man’s kitchen will be lightened during festivals. According to the notification of the Central Board of Indirect Taxes and Customs, this reduction in import duty and cess will be applicable from October 14 to March 31, 2022.

The edible oil industry body (SEA) said the high retail prices of cooking oils may come down by up to Rs 15 per liter with this decision.

Apart from this, the Agricultural Infrastructure Development Cess (AIDC) on crude palm, soya and sunflower oils has also been reduced. It will now be 7.5 per cent on crude palm oil and 5 per cent on soybean and sunflower oil. Till now, edible oils attract 20 per cent AIDC and 2.5 per cent customs duty.

Expansion

The government is making constant efforts to keep the retail prices of edible oils low ahead of the festivals. After fixing the storage limit for edible oils, the basic customs duty on palm, soya and sunflower crude oil was also reduced on Wednesday.

Apart from this, record imports were made in September to improve supply during the festive season. The government has announced to reduce customs duty on edible oils, giving a big relief to the common man before the festivals. Due to this, the price of edible oils of palm, soybean and sunflower will be reduced by up to Rs 15.

Edible oil organization SEA said that imports in September increased by 63 per cent to a record 16.98 lakh tonnes. This is the highest ever import in any single month, in which palm oil has a record share. Earlier, the highest import of edible oil was 16.51 lakh tonnes in October 2015.

The import of non-edible oils also increased by nearly three and a half times to 63,608 tonnes as against 17,702 tonnes in the previous year. The share of palm oil in total oil imports has also increased to 63 per cent from 54 per cent last year.

Fee cut for the fourth time

The government has cut excise and customs duty for the fourth time in the last few months to bring down the prices of edible oils. After the reduction in cess and customs duty on Wednesday, the price of refined palm oil will come down by Rs 8-9 a liter and that of sunflower and soybean oil by Rs 12-15.

The executive director of SEA said, “Usually, international prices go up after the government cuts import duty. In the last one year, edible oil has become costlier by 46.15 per cent in the domestic market. 60% of the total edible oil consumption in the country has to be imported.

Tomato turned red due to inflation, reached Rs 72 a kg

Tomato prices are increasing continuously in metro cities. Retail prices have touched Rs 72 a kg in some cities after rain ravaged crops in Madhya Pradesh and Maharashtra.

The Consumer Ministry said that on Thursday, tomato was selling at Rs 72 per kg in Kolkata, which was being sold at Rs 38 a month ago. In Delhi-Chennai, the price has increased by Rs 30 to Rs 57, while in Mumbai it is Rs 53. However, the retail price of tomato has reached more than Rs 100/kg in many areas of Delhi.

How much did the price increase in a year

edible oil 2020 2021

Soy 106 154.95

Mustard 129.19 184.43

Vegetation 95.5 136.74

Sunflower 122.82 170.09

Palm 95.68 132.06

Source: Ministry of Food, Data: As of 9 October


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Edible oil will be cheaper by Rs 15, the government has reduced the tax

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