Edible Oil Prices

 The vegetable oil prices have been going up both locally and internationally. Both our governments at the center and states smartly brought the prices down by cutting down the taxes. A timely step that is bringing down  the retail prices since mid October. 

Picture source: Company website

A 2.5% Basic Duty was charged on crude palm oil, crude soybean oil and crude sunflower oil.  In addition to this a 20% Agricultural Infrastructure cess was also charged on the imported crude oil.  When the price were down at the international market the taxes did not stretch the retail but when the prices went up it choked the local retail. 

The government in order to control the rising retail price swiftly pulled back the basic duty and brought down the Agricultural Infrastructure cess for crude Palm oil from 20% to 7.5% and for Soybean and sunflower oil it was even further reduced to 5%.

Our banana splits and chips are going to remain at the same price level atleast. yes indeed that is a good news for all the Banana fry lovers. 

Picture Source: Company Website

Some of the Indian Companies that deal in edible oil are;

1. Adani Wilmar

2. Ruchi Soya

3. Gemini Edibles & Fats India

4. Modi Naturals

5. Gokul Refoils and Solvent

6. Vijay Solvex

7. Gokul Agro Resources

8. NKP Proteins