The central government has decided to lower the duty on crude palm oil, making cooking oil more affordable. To provide some respite to consumers in the face of growing inflation, the Union government reduced the levy on crude palm oil by 5%.
“The international prices of crude edible oil and refined palm oil were showing a declining trend in prices over the past one month. Still, the prices of domestic refined palm oil and crude edible oil remained high. The Government, keeping in view the consumer interest due to rising prices of edible oil, has reduced the duty on CPO duty,” said the ministry of consumer affairs, food and public distribution. “Ministry of Finance vide Notification No. 34/2021-Customs dated 29th June 2021 has cut duty on CPO to 10% from 15% w.e.f. 30th June 2021 and this will remain in force up to and inclusive of the 30th September 2021,” the statement added.
The tax rate on CPO will be 30.25% after the tariff reduction, including an additional agricultural cess of 17.5% and a social welfare cess of 10%. As a result of this reduction, edible oil retail prices will fall. This fee decrease will be in effect through September 30. “Making India ‘AtmaNirbhar’ in edible oils is a treasured aim of ours, and the national oilseeds mission is dedicated to accomplishing it through policy alignment, including international trade. According to the ministry, the government will review costs daily and expects the industry to pass on all benefits to consumers.