The central government has taken a big decision to control the rising price of edible oil. The Center has decided to reduce the import duty on edible oil. The government has decided to reduce import duty by 5.5 per cent. Therefore, the people of the country will get great relief. The import duty on edible oil was also reduced by the central government last month. Edible oil prices have risen by as much as 50 per cent in the last one year. Against this backdrop, the government has decided to reduce import duty on edible oil to provide relief to the common man.
The central government has reduced the import duty on crude palm oil (CPO) from 30.25 per cent to 24.7 per cent till September 30. Import duty on refined palm oil has been reduced from 41.25 per cent to 35.75 per cent. Import duty on refined soybean oil and sunflower oil has also been increased from 45 per cent to 37.5 per cent till September 30.
The government has warned of stern action against oil hoarders in the wake of rising edible oil prices. Central government has been instructed by all the edible oil producers and wholesalers in the country to ensure that oil is not stockpiled.