The basic duty on refined Soyabean and refined Sunflower Oil slashes to 17.5% from the current 32.5%
The government is regularly interacting with the oil industry associations and leading market players and has convinced them to reduce the MRP of edible oil which will translate to passing on the benefit of duty reduction to end consumers.
As per the trend from 167 price collection centers, edible oil prices have declined quite significantly in the range of Rs 5 and 20 per kg in the major retail markets across the country.
Major edible oil players including Adani Willmar and Ruchi Industries have cut prices by Rs 15 -20 Per Ltr. The other players that have reduced the prices of edible oils are Gemini Edibles & Fats India, Hyderabad, Modi Naturals, Delhi, Gokul Re-foils and Solvent, Vijay Solvex, Gokul Agro Resources and N.K. Proteins.
The government has also initiated certain long term and medium term plans to attain self-sufficiency in edible oils. Recently, the National Mission on Edible Oils – Oil Palm (NMEO-OP) a new Centrally Sponsored Scheme with a special focus on the North east region and the Andaman and Nicobar Islands has been launched.