Imported edible oils prices declined after import duty reduction: Govt

New Delhi: The Union government has claimed that domestic retail and wholesale prices of edible oils are on a declining trend following relaxation in import duties last month. The decline in domestic prices has been seen notwithstanding rising international rates, the government further said on Friday.

 Even when the international prices of edible oils have increased in the range of 1.95% to 7.17 % after the import duty reduction, the decreasing trend in domestic prices and net effect (ranges for 3.26 % to 8.58 % declined) after duty reduction is quite substantial, the government said. The government release reads - "Necessary policy intervention by Central government with reference to duty reduction is proving to be beneficial for the general consumers. International prices of Soyabean oil, Sunflower oil, Crude Palm oil and RBD Palmolein increased by 1.85%, 3.15%, 8.44% and 10.92% respectively over the month.

After the import duty reduction (with effect from September 11) on imported edible oils, domestic retail and wholesale prices reduced in the range of 0.22% to 1.93%. However, Mustard oil is purely domestic oil, and its prices are expected to soften with number of other measures the government is contemplating," the release from the Department of Food and Public Distribution (DFPD) said.

Regarding the prices of onion, potato and tomato, the all-India average retail prices of potato decreased by 44.77%  over the year, the all-India average retail prices of onion decreased by 17.09 % over the year, the all-India average retail prices of tomato decreased by 22.83% over the year, the release said.

 

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