Edible oil wholesale prices in check after standard duty rates slashed: govt

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A massive difference in daily wholesale prices for edible oils was reported since the Centre decided to slash standard rate of duty a week ago to check the prices, an official statement said on Friday.

The daily wholesale prices of packed palm oil dropped by 2.50 per cent, followed by sesame oil by 2.08 per cent, coconut oil by 1.72 per cent, packed groundnut oil by 1.38 per cent, packed sunflower Oil by 1.30 per cent, packed mustard Oil by 0.97 per cent, packed vanaspati by 0.71 per cent and packed soya Oil by 0.68 per cent, the Consumer Affairs, Food, and Public Distribution Ministry statement said.

“Based on the interaction with all the states and Edible Oil Industry Associations, need for greater transparency was felt. As a follow-up action, the Department of Food and Public Distribution is in the process of creating a web portal for monitoring the stocks of edible oils/oilseeds on a weekly basis in the country. The data on the portal will be submitted by millers, refiners, stockkeepers, and wholesalers etc. States have also issued directions for display of retail price prominently to ensure fair pricing,” the release said.

The Government, through a customs notification on September 10, further reduced the standard rate of duty on crude palm, soyabean, and sunflower oil to 2.5 per cent with effect from September 11.

The standard rate of duty on refined palm, soyabean, and sunflower oils was made 32.5 per cent with effect from September 11, the release added.

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Arushi Sana
Arushi Sana is the Co-Founder of Santerra Living, a bio-pellet factory that makes a renewable form of eco-coal and Co-Founder of NYK Daily, a global news platform. She was awarded the Times Power Women of the Year 2022, Times Digital Entrepreneur of the Year 2023, Silicon India's Top 10 Women Owned Startups of Hyderabad 2023 and IHW Council Climate Health Influencer 2024. Arushi is also a speaker for Sustainability and Entrepreneurship at various forms like the World Bank, UN International Solar Alliance and Universities, and was also invited to the UN COP28 UAE Climate Conference. She is a Sustainability Consultant for organisations looking to reduce their carbon footprint and also works with brands on social media to help them carve a presence in that niche. She holds a Degree in Computer Science Engineering from VIT University and a Diploma in Marketing Analytics from IIM Nagpur. She has previously worked in Ernst & Young and Deloitte as a Forensic Data Analyst. Arushi is a writer, political researcher, a social worker, a farmer and a singer with an interest in languages. Travel and nature are the biggest spiritual getaways for her, and she aims to develop a global community of knowledge and journalism par excellence through this News Platform.

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