The price of edible oil is in the sky. In the last 8 months, the price of edible oils like mustard oil, refined oil and palm oil has increased by 40-50%. This has affected the pockets of the common man amidst the economic slowdown caused by corona. The budget of people's kitchens has completely turned upside down. However, a relief news has also been heard in the meantime. It is reported that the prices of edible oils will come down, which means edible oil is going to be cheaper.

China to reduce palm oil procurement: According to information received, China is going to reduce its palm oil procurement in marketing year 2021-22 from October 2021-September 2022 as it is trying to accelerate domestic edible oil production. In addition, the industry wants the Government to reduce import duty on edible oils so that consumers get some relief.

Agriculture Infra and Development Cess: According to information, the government may reduce agriculture infrastructure and development cess on import of palm oil, sunflower and soy oil. This will bring down the prices and provide some relief to the general public.  The price of edible oil has reached an all-time high in the last five years.

Know how much it feels this cess?: Let us tell you that the government has started Agri Cess in the budget 2021 with the objective of developing agriculture infra. At present, it is 17 on palm oil. 50 per cent and sunflower and soybean oil 20 per cent. If it is cut, the prices will come down.

Find out how expensive edible oil is getting right now?: According to an official report, vegetable oil in retail has crossed Rs 140. Palm oil has gained 52 per cent in the last one year. In the first week of May last year, the price rose from Rs 87 to Rs 133. Similarly, sayobin oil has become 50 per cent costlier. It has gone up from Rs.105 to Rs.158. Mustard oil has gained 49 per cent to Rs 164 against Rs 110. Mustard oil has touched Rs 200 in several cities including Bihar.

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