The government on Tuesday advised leading edible oil associations to ensure that the MRP of each oil is maintained till the availability of edible oil stocks imported at zero per cent and 12.5 per cent basic customs duty (BCD), and take up the issue with their members immediately.
The decision is expected to augment the earlier measures taken by the government to reduce the prices of edible oils in the domestic market.
The government on Friday directed the edible oil industry to cut retail prices of the essential commodity by Rs 8 to Rs 12 with immediate effect in the light of the fact that international rates have sharply fallen in the last two months.
Edible oil industry body The Solvent Extractors' Association of India has sent a memorandum to union commerce minister Piyush Goyal seeking a raise in import duty difference between crude palm oil and its refined variant.
The move is aimed at increasing domestic supply and keeping prices under control.
Ministry of Consumer Affairs, Food & Public Distribution released an official statement on Thursday stating Edible Oil Firms/ Packers /Importers to declare net quantity on edible oil in volume without temperature in addition to declaring the same in weight.
India has tried to reduce prices in the past, including reducing import duties on palm, soybean oil and sunflower oil, and limiting inventory to prevent stocking the oil.
Earlier, Government vides its order dated 3rd February 2022 had imposed stock limit quantities on edible oils and oilseeds up to 30th June 2022 which has now been extended up to 31st December 2022 vide the latest order.
The centre is hopeful that the tax cut would not only bring down the food inflation but would also reduce the prices of edible oils by Rs 15 to 20 per kg.
Within a week of cutting import duty of crude and processed edible oils, wholesale prices of edible oils reported a decline, said a senior officer of the Ministry of Consumer Affairs
