Govt asks oil firms not to hike retail prices, 3 MT of edible oil available
The government has asked edible oil processors not to hike retail prices following recent increase in import duties, as there is enough stock of cooking oils that were shipped at a lower duty.
The food ministry said the stocks imported at lower duties would easily last 45-50 days, and therefore the processors should refrain from increasing maximum retail prices (MRP).
Last week, the Centre implemented an increase in the basic customs duty on various edible oils to support domestic oilseed prices.
Effective September 14, 2024, the basic customs duty on crude soyabean oil, crude palm oil, and crude sunflower oil has been raised to 20 per cent from nil, making the effective duty on crude oils to 27.5 per cent.
Additionally, the basic customs duty on refined palm oil, refined sunflower oil, and refined soyabean oil has been increased from 12.5 per cent to 32.5 per cent, making the effective duty on refined oils to 35.75 per cent.
On Tuesday, Food Secretary Sanjeev Chopra chaired a mee