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- Cooking Oil Prices Cut | Government Reduces Custom Duty On Soya Palm Oil
37 minutes ago
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The Central Government has reduced the basic custom duty on edible oil. This may make cooking oil cheaper in the country.
According to the Finance Ministry, the new rates will be applicable from September 24. The government has reduced duty on crude soya and crude palm oil from 10% to 5%.
Duty on refined soya and refined palm oil has been reduced from 32.5% to 27.5%. Duty on crude sunflower oil has been reduced from 10% to zero.
Duty reduced on refined oil also
Custom duty on refined sunflower oil has been reduced from 32.5% to 22.5%.
These cuts are expected to reduce the import cost of edible oils. This can provide relief to customers in prices.
However, the relief provided to customers will depend on how the benefit of duty reduction is passed on in the supply chain.
Use of palm, mustard and groundnut oil in India
Palm Oil: It is the cheapest, hence it is mostly used in outside food, namkeen, biscuits and dhabas.
soybean oil: Being light and cheap, it is most popular in Indian home kitchens for everyday cooking.
Mustard Oil: The first choice of North and East India, known for its spicy taste and health properties.
sunflower oil: It is considered easy to digest, hence it is used extensively by health conscious people in urban homes.
Peanut Oil: Mainly used in Gujarat and South India, this oil is great for frying things like pakodas or deep-frying.
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