Rising edible oil prices have raised the pockets of the common man. In order to provide relief on this front, the Union Government has taken a number of important decisions in the recent past. Now the government claims As a result of this decision, the wholesale price of edible oil has come down drastically.
According to a government statement, daily wholesale prices of packed palm oil declined by 2.50 per cent. In addition, sesame oil 2.08 per cent, coconut oil 1.72 per cent, packaged peanut oil 1.38 per cent, packaged sunflower oil 1.30 per cent, packaged mustard oil 0.97 per cent, packaged soybean oil Daily wholesale prices declined by 0.71 per cent and packaged soybean oil by 0.68 per cent. Recently, the government has reduced the standard rate of duty on crude palm oil, crude soybean oil and crude sunflower oil to 2.5 per cent. At the same time, the standard rate of duty on refined palm oil, refined soybean oil and refined sunflower oil has been raised to 32.5 per cent. As a result of these cuts, the daily wholesale prices of edible oils have come down.