Govt Announces Good news for common people on Oil rates

The central government has good news for the common people. The central government has reduced the basic customs duty on refined palm oil from 17.5 per cent to 12.5 per cent to control the prices of cooking oils.

The Centre has announced that the reduced tariff will come into effect till March 2022. The Centre hopes to increase supply in the domestic market and reduce prices. According to the Solvent Extractors Association of India, the total duty on refined oil and refined palm oil will be reduced from 19.25 per cent to 13.75 per cent.

The new rate went into effect on Tuesday. According to the Ministry of Consumer Affairs, the price of peanut oil has gone up by Rs. 181.48 and mustard oil Rs. 187.43, margarine Rs. 138.5, Sunflower oil Rs. 163.18 and palm oil Rs. 129.94. The Central Government has clarified that refined palm oil can be imported without a licence till December 2022.