Edible Oil Prices Reduced Drastically.. Check new low prices!
The central government has slashed tariffs on cooking oils, bringing their prices down to Rs 10 in tamil Nadu. The following are the specifics of the report released in this regard: As cooking oil prices have continued to grow over the past year, the government has decreased the base tax on crude palm oil, crude soybean oil, and crude sunflower oil from 2.5 percent to zero percent. The agricultural cess on these oils has been decreased from 20% to 5% for crude palm oil and crude soybean oil and crude sunflower oil, respectively.
Because of the reduction, the total tax on crude palm oil is now 7.5 percent, while crude soybean oil and crude sunflower oil are now 5%. RPD palm oil, refined soyabean oil, and refined sunflower oil have had their base tax decreased from 32.5 percent to 17.5 percent. The agricultural infrastructure cess on all types of crude cooking oils was 20% prior to the cutbacks. Crude palm oil will be taxed at 8.25 percent, while crude soybean oil and crude sunflower oil will be taxed at 5.5 percent apiece after the cut.
The government has decreased import levies on palm oil, sunflower oil, and soybean oil, as well as suspended mustard oil trading in the National Manufacturing and By-Products Commodity Trade Organization, in order to keep cooking oil prices under control (NCDEX). Restrictions on storage have also been implemented. Due to government actions, the price of cooking oils in tamil Nadu has dropped to Rs. 10 per kg. The price of a kilo of palm oil, for example, has dropped by Rs 7 while the price of peanut oil has dropped by Rs 10.