Daily Edible Oil Wholesale Prices Drop Dramatically After Standard Tariff Rate Reduction: Government

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New Delhi [India], September 17 (ANI): A huge difference in daily wholesale prices has been reported, following the Center’s decision to lower the standard duty rate on edible oils a week ago to check prices, a the Ministry of Consumer, Food and Public Distribution said on Friday.

Daily wholesale prices for packaged palm oil fell 2.50 percent, followed by Seasame oil by 2.08 percent, coconut oil by 1.72 percent, packaged peanut oil 1.38 percent, packaged sunflower oil 1.30 percent packaged mustard oil 0.97 percent, packaged Vanaspati 0.71 percent and packaged 0.68 percent soybean oil, according to a ministry statement.

“Based on the interaction with all states and edible oil industry associations, the need for greater transparency arose. As a follow-up action, the Food and Public Distribution Department is creating a web portal to track Edible Oils / Oilseeds stocks every week in the country, ”the report reads. communicated.

Data on the portal will be submitted by millers, refiners, stockists and wholesalers, etc. States have also published instructions for the display of retail prices in a visible manner to ensure fair pricing.

The Indian government, in an empty notification, dated September 10, further reduced the standard tariff rate on crude palm oil, crude soybean oil and crude sunflower oil to 2.5 percent and the standard rate of duty on refined palm oil, refined soybean oil and refined sunflower oil at 32.5% as of September 11. (ANI)

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