The Central Government has taken a major decision to provide relief to the common man during the festive season. The government has reduced agric and customs duty on palm and sunflower oil. Earlier, the Ministry of Consumer Affairs had issued an order to impose stock limits on oil and oilseeds. The stock limit will remain within the limit till 31st March 2022. The states have been asked to issue orders and strictly follow them.
According to the Ministry of Consumer Affairs, retail prices of edible oils, except mustard oil, have come down from 3.26 per cent to 8.58 per cent. Although the government has taken steps aimed at reducing the prices of edible oil, the prices have not come down significantly. BV Mehta, executive director, Solvent Extractors Association of India, said that due to an increase in retail prices in the domestic market and festive season, the government has reduced the import duty on edible oils.
At the same time, the Government cut agricultural cess on raw varieties of palm, soyabean and sunflower oil till March 2022. In addition, the agricultural cess has also been reduced. This is a step that will help in reducing the prices of edible oils and increasing domestic availability during the festive season. All India Edible Oil Traders Federation National President and CAT Metropolitan President Shankar Thakkar said that the government's this decision has been taken late.