Earlier also with the reduction of import duty, restricted import of palmolein was resumed, but due to the high price of edible oils, the government has once again reduced the import duty so that the prices are soft and the consumers are Get relief.
In order to control the rising prices of edible oil, the central government had announced a reduction in import duty last week. The effect of this decision, taken with the aim of providing relief to the common people before the festive season, has started showing on the prices of edible oil and the prices have started coming down. In the Delhi oil-oilseeds market, the prices of most of the oil-oilseeds have closed showing weakness this week.
The government has taken an initiative to increase the production of palm oil in the country to control the rising prices of edible oils. Apart from this, the restricted import of palmolein was resumed with the reduction of import duty earlier, but due to the high price of edible oils, the government has once again reduced the import duty so that the prices are soft and consumers be relieved.
Prices decreased due to reduction in import duty
According to the latest notification issued by the government in this regard, the import duty of CPO, palmolein, sunflower, soybean degum and soybean refined edible oils has been reduced by 5.5 percent. Due to this shortage, soybean and groundnut oil-oilseeds, cottonseed, palmolein and CPO oil prices declined last week.
In the past too, import duty was reduced but still the rising prices did not come under control. In their opinion, this reduction in import duty has been done only till the end of September, which should have been done at least till the month of December so that the importers have to keep up with the time taken to place and arrive orders for oil- Also, there would have been a certainty about the import duty. If the importers feel that the import duty may increase after September, then keeping in mind the arrival time of the import consignment, they may show hesitation in ordering imports.
Should have been discounted by the end of December
The government has given exemption for palmolein import till December 31, which is a far better step. He said that it takes about 7-10 days for the arrival of CPO Palmolein from Malaysia or Indonesia, but about 40-45 days for the arrival of soybean from Brazil or Argentina, including the time of shipment and arrival. It is also possible to import small consignments of palmolein, but only large consignments can be imported from Brazil or Argentina, due to which it also takes more time. Therefore, for this also, there should have been a relaxation till the end of December. With this, the importers could import with certainty and the prices of oils could be controlled.
Also read- Engineer started poultry farming leaving his job of 70 thousand, today earning is in lakhs