PM Modi on high import of edible oil: With international energy prices soaring after the war in Ukraine, India will spend a record Rs 2.5 lakh crore to subsidise fertilizer for farmers. Another USD 120 billion is spent on importing crude oil and the two together are the biggest drain on exchequer.
As India imports more than 60 per cent of its edible oil requirement, retail prices came under pressure in the last few months taking cues from the global market. However, there has been a correction, resulting fall in global prices.
To control spiralling prices, the government had last week cut excise duty on petrol and diesel and also waived import duty on some raw materials used in steel and plastic industry.
Domestic edible oil prices have soared in tandem with the global prices which shot up due to reduced availability of edible oils for food use following diversion for biofuel in Indonesia, Brazil, and other countries.
The Centre has already slashed the basic duty on crude palm oil, crude soyabean oil and crude sunflower oil from 2.5 per cent to nil.
The cut in import duty and cess, effective from October 14, will remain in force till March 31, 2022, the Central Board of Indirect Taxes and Customs (CBIC) said in two separate notifications.
As per the data from the Department of Consumer Affairs, the prices of edible oils are now coming down over the past month, and in some cases, the decline is by as much as nearly 20 per cent, as shown in prices in Mumbai.
Twenty-eight of the 417 samples of milk, edible oil and milk products, which were taken by the authorities from different places in Haryana recently, have been found unsafe, the officials said.
Experts say that oilseeds and oil prices have increased in the international market that has led to a rise in edible oil prices in India.
After potato and onion, the price of edible oil has now gone up in the national capital due to a sharp increase in the cost of oilseeds. There has been a 53 per cent hike in the crude palm oil (CPO) prices in the domestic futures market, in the past six months due to a decline in palm oil production in Malaysia.
To reach out to the consumer base nationally, the company decided to engage Salman Khan to join legendary superstar Amitabh Bachchan, both of whom enjoy a strong pan-India appeal.
the Consumer Affairs and Food Ministry on Wednesday said that there has been modest rise in bulk prices of edible oil and items like jowar and maize.
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