New Delhi, Feb 14 (Bureau) With a view to provide further relief to consumers and to keep in check any further rise in the prices of domestic edible oils due to global rise, Centre reduced the agri-cess for Crude Palm Oil (CPO) from 7.5 per cent to five per cent with effect from February 12, 2022, an official statement said on Monday. After reduction of the agri-cess, the import tax gap between CPO and Refined Palm Oil has increased to 8.25 per cent and it will benefit the domestic refining industry to import Crude Oil for refining.
The government has also extended the current basic rate of import duty of zero per cent on Crude Palm Oil, Crude Soyabean oil and Crude Sunflower Oil upto September 30, 2022, the statement further said. The rate of import duty on Refined Palm Oils at 12.5 per cent, Refined Soyabean oil and Refined Sunflower Oil at 17.5 per cent will remain in force up to September 30, 2022. Earlier, the government had specified the stock limit quantities on edible oils and oilseeds for a period upto 30th June, 2022 under the Essential Commodities Act, 1955, the statement added.