New Delhi: The government of India has met with the representatives of the edible oil associations to discuss the pricing strategy of various edible oils. This meeting was held by the secretary of the food and public distribution department of India, a PIB press release stated.
During this meeting, the edible oil associations were advised to maintain the MRP of different edible oils till the stock of edible oil imported at 0 percent and 12.5 percent basic customs duty. The industry has been asked to take this decision up with its members immediately. The government had earlier reduced the MRP of edible oils such as sunflower oil, soybean oil, and mustard oil. This was done due to the reduction in international prices and the decrease in import duty on edible oil.
The government of India has decided to increase the basic customs duty on various edible oils from 0 percent to 27.5 percent. This new duty will come into effect on September 14, 2024. The basic customs duty on crude soybean oil, crude palm oil, and crude sunflower oil will increase from 0 percent to 20 percent, while the duty on refined palm oil, refined sunflower oil, and refined soybean oil will increase from 12.5 percent to 32.5 percent.
The government of India believes that this move will strengthen the domestic oilseed farmers. The government expects that the new edible oil prices will enhance domestic oilseed prices and support increased production.