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Retail edible oil price down by Rs 18, says government

New Delhi, Nov 5: The retail edible oil prices in cities across the country has come down by as much as Ra 18 because of duty cuts and agri-cess.

In Aligarh, for example, the retail price of palm oil on November 3 had come down by Rs 18 and by Rs 6 in Delhi. Similarly retail price of soya oil in Durg, Chhattisgarh was down by Rs 11 and by Rs 7 at Nagpur in Maharashtra, the government said in a statement on Friday.

Sunflower oil, likewise, had fallen by Rs 20 at Jowai in Meghalaya, Rs 10 in Delhi and by Rs 5 in Rourkela.

The statement mentioned manor oil-producing companies such as Adani Willmar and Ruchi industries who have cut the wholesale price by Rs 4-7 per litre. “The other players that have reduced the wholesale 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,” it added.

To tame the rising prices, the Centre had earlier this year cut the basic duty on crude palm oil, crude soyabean oil and crude sunflower oil from 2.5 per cent.  The Agri-cess on these oils has been brought down from 20 per cent to 7.5 per cent for crude palm oil and 5 per cent for crude soyabean oil and crude sunflower oil.

Agri-infra on crude edible oil was 20 per cent before the duty cut was brought on, thus bringing down the rates to 8.25 per cent on palm oil and by 5.5 per cent in the case of crude soyabean oil and sunflower oil.