Edible Oil Price- Good news for common people of India. Central Government took big decision regarding Edible Oil Price. The central government has reduced the basic custom duty (BCD) on crude edible oils like sunflower, soybean and palm from 20% to just 10%. Due to this, oil prices may fall soon and the burden of inflation on the common man’s pocket may be reduced somewhat.
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Now cooking oil will be cheaper
Through this duty cut, the government has hit multiple targets with one arrow. Earlier, the difference in import duty on crude and refined oils was 8.75%, now this difference has increased to 19.25%. This means that now it will be more beneficial to import crude oil than to import refined oil, which will boost the country’s domestic refining industry.
Customers will get direct benefit
The Food Ministry has given clear instructions to oil companies and industry organizations to pass on the full benefit of this duty cut to the customers. Under this, the wholesale price (PTD) and maximum retail price (MRP) should be reduced immediately. Apart from this, the companies will also have to inform the government about the new MRP every week, so that transparency is maintained.
The effect will be seen in the market soon
The government has expressed hope that the effect of this decision will be seen in the market soon. As soon as this change reaches the supply chain, the prices of edible oil will start coming down. This will not only provide relief to consumers but will also strengthen the country’s domestic oil refining units.
