For the past few months, oil prices have been rising uncontrollably. In september 2024, the government increased the import duty to promote the local oil industry. But as a result, the price of oil in india has increased further as the price of oil has also increased in the international market. Due to this, the cooking expenses of the public have increased many times and they have to think twice if they try to buy even a bottle of oil. In this situation, the government has now taken a new decision. Since the customs duty on raw oils has been reduced, the price of oil is expected to come down, and the public is expected to get the direct benefit of this. Crude oil is oil that is still in an unrefined state. Refined oil can be used directly for cooking. In the previous situation, the customs difference between the two was 8.75%. Therefore, more refined oils were imported directly. Now, since this difference has been increased to 19.25%, it will cost more to import refined oils. This will encourage oil companies to import crude oil and refine it in India. This will provide employment, growth, and interim relief to the indian refining industry. Moreover, this change may also reduce the price of refined oils. This will directly benefit the public.The government has reduced the tariff. But will the oil companies pass on the benefits to the people? On several occasions, the companies have kept these concessions to themselves and not reduced the prices. But the government has given strict orders to reduce the prices in this manner. However, it is believed that this move will increase competition in the market and lead to a real reduction in prices, which will be a real relief to the common people. In short, "This decision of the government is an attempt to provide a small relief to the common people who are tired of the daily price hikes."
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