As the festive season continues for the next 20 days across india, the federal government has decided to significantly reduce the excessive import duty on cooking oil to ease the burden on the people. 

While the prices of petrol, diesel and cooking gas have skyrocketed during the festive season, prices have risen to the point where ordinary people are even thinking of celebrating the festival.

The central government has reduced the import duty on cooking oil, which is widely used during this period, in line with the festive season. Import duty reduction will be imported from abroad in the announcement issued by the central government today.

 It has reduced the import duty on refined and unrefined palm oil, soybean oil and sunflower oil from 16.5 per cent to 19.25 per cent. march 31 It has been announced that these reduced tax measurements will be in effect from october 14 to march 31. But the amount of palm oil imported into india in september alone reached a 25-year high in September. This increase is due to the high demand for the festive season in India.

The central government has announced a reduction in the price of unrefined palm oil to about Rs 14,000 per tonne, as well as unrefined soybean oil and sunflower seed oil to Rs 20,000 per tonne. The retail market will thus be reduced but now there is a problem with this.

Exports of Malaysian oil have risen sharply in the wake of the news that imports of cooking oil have been reduced in India. This will not reduce prices in the retail market, said PV Mehta, Chairman, SEA. There will be no fluctuation in the amount of cooking oil for the subsequent 4 to 6 months.

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