India news cuts edible oil import duty to increase government oil import duty by 10 percent marks

New Delhi: In the bid to cool edible oil prices, the government on Friday reduced the basic customs tax on crude edible oils by 10 percent. Duty changes, effective Fridays, palm oil, soyols and sunflower oil prices are aimed at reducing the prices. This step, which will reduce the effective duty by 16.5%, came between a spike in prices, an estimated of 17.4% in retail inflation figures for April.In India, the prices of edible oils have become globally hot, denying the impact of a bumper mustard crop. According to official data, the prices of Mustard Oil are 25% higher on average. Compared to a year ago, the average retail price of palm oil rose to Rs 34% per liter on May 28, while sunflower prices were 30% higher. Soyol has seen the smallest growth of 18% and has been sold in the domestic market for Rs 147 per liter. var _mfq = window._mfq || []; _mfq.push(["setVariable", "toi_titan", window.location.href]); !(function(f, b, e, v, n, t, s) { function loadFBEvents(isFBCampaignActive) { if (!isFBCampaignActive) { return; } (function(f, b, e, v, n, t, s) { if (f.fbq) return; n = f.fbq = function() { n.callMethod ? n.callMethod(...arguments) : n.queue.push(arguments); }; if (!f._fbq) f._fbq = n; n.push = n; n.loaded = !0; n.version = '2.0'; n.queue = []; t = b.createElement(e); t.async = !0; t.defer = !0; t.src = v; s = b.getElementsByTagName(e)[0]; s.parentNode.insertBefore(t, s); })(f, b, e, 'https://connect.facebook.net/en_US/fbevents.js', n, t, s); fbq('init', '593671331875494'); fbq('track', 'PageView'); }; function loadGtagEvents(isGoogleCampaignActive) { if (!isGoogleCampaignActive) { return; } var id = document.getElementById('toi-plus-google-campaign'); if (id) { return; } (function(f, b, e, v, n, t, s) { t = b.createElement(e); t.async = !0; t.defer = !0; t.src = v; t.id = 'toi-plus-google-campaign'; s = b.getElementsByTagName(e)[0]; s.parentNode.insertBefore(t, s); })(f, b, e, 'https://www.googletagmanager.com/gtag/js?id=AW-877820074', n, t, s); }; function loadSurvicateJs(allowedSurvicateSections = []){ const section = window.location.pathname.split('/')[1] const isHomePageAllowed = window.location.pathname === '/' && allowedSurvicateSections.includes('homepage') if(allowedSurvicateSections.includes(section) || isHomePageAllowed){ (function(w) { function setAttributes() { var prime_user_status = window.isPrime ? 'paid' : 'free' ; w._sva.setVisitorTraits({ toi_user_subscription_status : prime_user_status }); } if (w._sva && w._sva.setVisitorTraits) { setAttributes(); } else { w.addEventListener("SurvicateReady", setAttributes); } var s = document.createElement('script'); s.src="https://survey.survicate.com/workspaces/0be6ae9845d14a7c8ff08a7a00bd9b21/web_surveys.js"; s.async = true; var e = document.getElementsByTagName('script')[0]; e.parentNode.insertBefore(s, e); })(window); } } window.TimesApps = window.TimesApps || {}; var TimesApps = window.TimesApps; TimesApps.toiPlusEvents = function(config) { var isConfigAvailable = "toiplus_site_settings" in f && "isFBCampaignActive" in f.toiplus_site_settings && "isGoogleCampaignActive" in f.toiplus_site_settings; var isPrimeUser = window.isPrime; var isPrimeUserLayout = window.isPrimeUserLayout; if (isConfigAvailable && !isPrimeUser) { loadGtagEvents(f.toiplus_site_settings.isGoogleCampaignActive); loadFBEvents(f.toiplus_site_settings.isFBCampaignActive); loadSurvicateJs(f.toiplus_site_settings.allowedSurvicateSections); } else { var JarvisUrl="https://jarvis.indiatimes.com/v1/feeds/toi_plus/site_settings/643526e21443833f0c454615?db_env=published"; window.getFromClient(JarvisUrl, function(config){ if (config) { const allowedSectionSuricate = (isPrimeUserLayout) ? config?.allowedSurvicatePrimeSections : config?.allowedSurvicateSections loadGtagEvents(config?.isGoogleCampaignActive); loadFBEvents(config?.isFBCampaignActive); loadSurvicateJs(allowedSectionSuricate); } }) } }; })( window, document, 'script', );