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The rate of import duty on refined Palm oils is at 12.5 per cent, refined Soyabean oil and refined Sunflower oil at 17.5 per cent which will remain in force up to September 30, 2022.
Photo Credit : PM Modi/ Twitter
With a view to providing relief to consumers, Prime Minister Narendra Modi led central government has reduced the agri-cess for Crude Palm Oil (CPO) from 7.5 per cent to 5 per cent with effect from February 12, 2022.
The Ministry of Consumer Affairs, Food and Public Distribution in a statement said that after reduction of the agri-cess, the import tax gap between CPO and refined Palm oil has increased to 8.25 per cent. The increase in the gap between the CPO and Refined Palm Oil will benefit the domestic refining industry to import Crude Oil for refining.
The rate of import duty on refined Palm oils is at 12.5 per cent, refined Soyabean oil and refined Sunflower oil at 17.5 per cent which will remain in force up to September 30, 2022.
"This measure will help in cooling down the prices of edible oils which are witnessing an upward trend in the international market due to lower availability and other international factors," said the ministry.