Government cuts import duty on edible oil
By Our Economy Bureau | 24 Jul 2007
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To rein in prices of essential commodities, the government on Monday cut import duty on edible oil by 5 to 10 per cent. Prices could fall by up to Rs4 a kg at the retail level as a result.
The edible oil industry said retail prices could drop by about Rs4 a kg for sunflower oil and about Rs1 a kg for palm oil and soya oil.
International prices have gone up in the last one month by over $100 a tonne and the duty cut would offset that to some extent.
The duty cuts came days after finance minister P Chidambaram expressed concern over rising commodity, foodgrain and crude oil prices.
Customs
duty reductions
Crude palm oil: 50 per cent to 45 per cent
Palmolein
RBD (refined, bleached, deodorised): 57.5 per cent to 52.7 per cent
Crude
soyabean oil: 45 per cent to 40 per cent
Crude sunflower oil: 50 per cent
to 40 per cent
Refined sunflower oil: 60 per cent to 50 per cent
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