Petrol and diesel prices have been steadily rising for the past few days. Rising fuel prices have pushed up transportation costs. As a result, prices of vegetables, including food grains, have gone up.
Cooking oil prices are about to go down. Import duties on crude palm oil have been reduced by the Modi government. With the 10 per cent import tax, palm oil will soon be cheaper. The import duty on other palm oils will be 37.5 per cent. The implementation of this decision will start from today. It will be valid till September 30.
The Central Board of Indirect Taxes and Customs (CBIC) issued a notification on Tuesday night. In a notification CBIC cut the basic customs duty on crude palm oil to 10 per cent and refined palm oil to 37.5 per cent with effect from Wednesday.
The effective duty, which includes cess and other charges, on crude palm oil will be 30.25 per cent, while for refined palm oil it would be 41.25 per cent from Wednesday. The notification, which has been in force since June 30, will be valid till September 30, 2021, the CBIC said.
Basic customs duty on palm oil is currently 15 per cent. RBD (refined, bleached, deodorized) palm oil, RBD palmolin, RBD palm styrene and other categories (excluding crude palm oil) are charged at 45%. “To give relief to people, the Government has reduced customs duty on crude palm oil from 35.75 per cent to 30.25 per cent and refined palm oil from 49.5 per cent to 41.25 per cent. This will bring down the retail prices of edible oils in the market," the CBIC tweeted.