New Delhi, 05 November: The Central Government on Friday said that in view of the rising prices of edible oils in the last one year, the results of tax cuts made by it have started showing results and their prices are falling.
According to the Ministry of Consumer, Food and Public Distribution, the government has reduced the basic duty on crude palm oil, crude soybean oil and crude sunflower oil from 2.5 percent to control the continuous increase in cooking oil prices since last one year. Agricultural cess on these oils has been reduced from 20 per cent to 7.5 per cent for crude palm oil and to 5 per cent for crude soybean oil and crude sunflower oil.
The ministry stated that import duties on palm oil, sunflower oil and soybean oil have also been rationalized to control the prices of edible oils. Due to these efforts, the prices of edible oils have come down by Rs 4 to 7 per litre. Despite their increased prices in the international market, this has been possible due to the joint efforts of the Central and State Governments.
