India is witnessing record-high inflation in edible oil prices. Food Secretary says country can produce up to 18-19 lakh tonnes of rice bran oil, up from current 11 LT.
As per government data, edible oil prices in the domestic markets have risen sharply by up to 46.15% in the last one year due to global factors and local tight supply situation.
The base import tax on crude palm oil, crude soy oil and crude sunflower oil has been reduced to 2.5 per cent, the Finance Ministry said in a notification issued late Friday.
MSP for mustard is up 8.6%, followed by masur (7.84%) and gram (2.54%). Wheat MSP has just risen by 2.02%, as govt attempts to encourage crop diversification.
Edible oils have seen a sharp rise in prices in last 6 months despite govt efforts to cool off rates by reducing high tax levies. June fuel inflation was 12.68%, while edible oil inflation was at 34.78%.
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