By Admin 
Edible Oil Pries: The government has taken a decision that will give relief to the general public of the country. The government has reduced crude palm oil, soybean oil, sunflower oil basic custom duty from 20 percent to 10 percent. The government has done this with the aim of reducing food oil prices across the country and promoting local processing. This decision will be effective from May 31. This is expected to reduce retail inflation and India’s vegetable oil refining industry will also speed up. & Nbsp;
Reduction in import duty
In a notification issued by the Finance Ministry on Friday, it was said, the import duty of these three oils has now been reduced from 27.5 percent to 16.5 percent. These include surcharge and cess. There is no change in basic custom duty on refined oil and it is 32.5 percent, while effective duty is 35.75 percent.
India imports oil from these countries
The government took this step at a time when India, the biggest importer of cooking oil in the world, imported 159.6 lakh tonnes of food oil worth Rs 2023-24 1.32 lakh crore. India fulfills its 50 percent need for edible oil, in which Palm oil is sourced from Malaysia and Indonesia and soybean oil is mainly sourced from Brazil and Argentina. & Nbsp;
Solvent Extractors Association of India (SEA) President Sanjeev Asthana said, “The government’s decision to increase the fee difference between raw and refined oils from 8.25 percent to 19.25 percent is a adventure and time taken on a adventure and time.” This will reduce the import of refined pamoline and demand will again move towards raw palm oil, which will give strength to the domestic refining sector. & Nbsp;
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