Reduction in import duty and cess on various edible oils

(Gujarat News Office) MUMBAI: The Mumbai oilseeds market witnessed a sharp decline in prices of various edible oils today. Before Dussehra, there were indications that the central government had reduced the import duty on edible oils and agri cess. There were indications that the government was making efforts to bring the market price to a reasonable level during the festivals. Recently there was talk of stock limits. Now there were indications of reduction in duty and cess. The duty on crude palm oil CPO has been reduced from 7.5 per cent to 7.5 per cent while the duty on RBD palm oil has been reduced from 7.5 per cent to 12.5 per cent.

The duty on soyoil (crude) has been reduced from 7.5 per cent to 6.50 per cent. On the other hand, the duty on refined soyoil has been increased from 7.5 per cent to 19.50 per cent. The duty on sunflower oil (crude) has come down from 7.5 per cent to 6.50 per cent while that of refined oil has come down from 5.5 per cent to 12.5 per cent.

Import duty on various edible oils has been reduced from 12.50 per cent to 12.50 per cent per annum, said Shankarbhai Thackeray, National President, All India Edible Oil Traders Federation. CPO prices fall by Rs. The price of RBD oil has come down to Rs. It has decreased from 12 to 15.

Soyoil prices rise by Rs. In the meantime, there have been reports of rising prices in the world market due to lower duty in India. Edible oil imports to India have increased significantly in September, he said. And now the duty-share has also been reduced.

Meanwhile, the government today received instructions to impose restrictions on soymeal exports. There are indications that the export ban will come into effect from October 15. The cess on CPO has come down from 20 per cent to 8.50 per cent, while the agri cess on soyoil has come down from 50 per cent to five per cent.

Soybean imports to China have fallen by 30 per cent. With the country's palm oil imports doubling to 17.50 lakh tonnes in September, the domestic spot market has collapsed and the futures market has plummeted. The downward circuit in soyoil futures was executed.

CPO futures were down 2.50 per cent while soyoil futures were down 2.4 per cent. Soybean futures were down two per cent. In the Mumbai spot market today, prices of various imported edible oils fell, followed by Singtel, Cottonseed Oil and others. The prices of domestic edible oils have also seen a setback.

Castor and spot castor prices fell today. Palm oil prices fall to Rs. 1905 to 1910 and CPO Kandla's reduced Rs. 1150 to 115 were spoken. Soyoil refined prices fall to Rs. 150 to 1500 lived. The price of cingulum oil is Rs. 1200 and cottonseed oil fell by Rs. 120 to 150 lived.