Centre reduces agri-cess for Crude Palm Oil from 7.5 percent to five percent to provide further relief to consumers
With a view to provide further relief to consumers and to keep in check any further rise in the prices of domestic edible oils, the Centre has reduced the agri-cess for Crude Palm Oil from 7.5 percent to 5 percent.
The cess has been reduced with effect from 12th of this month. Ministry of Consumer Affairs, Food, and Public Distribution in a statement said that after the reduction of the agri-cess, the import tax gap between Crude Palm Oil and Refined Palm Oil has increased to 8.25 percent which will benefit the domestic refining industry to import Crude Oil.
To check the prices of edible oils, the government has also extended the current basic rate of import duty of zero percent on Crude Palm Oil, Crude Soyabean oil, and Crude Sunflower Oil upto 30th of September this year.
The Ministry said that the rate of import duty on Refined Palm Oil which is at 12.5 percent and Refined Soyabean and Refined Sunflower Oil at 17.5 percent will also remain in force up to 30th September. This measure will help in cooling down the prices of edible oils which are witnessing an upward trend in the international market due to lower availability and other international factors.
Besides, the government had specified the stock limit quantities on edible oils and oilseeds for a period upto 30th of June this year under the Essential Commodities Act, 1955. The Ministry said that Oil industry is being called for a meeting tomorrow to do their best in passing on the benefit to consumers. State Governments have also been requested to enforce stock limit orders strictly.