The day after lowering import tariffs on cooking oil to lower soaring prices, the government sent a letter to eight major oil-producing countries asking them to lower tariffs after lowering tariffs to help people.
In a letter to eight major oil-producing countries, including Maharashtra, Gujarat, Uttar Pradesh, West Bengal, Tamirnadu and Andhra Pradesh, the government passed on the full benefits of tax cuts to consumers. I’m asking you to confirm that. Official sources said to rescue them from the high prices of cooking oil.
On Wednesday, the Ministry of Consumer Affairs, Food and Public Distribution reduced import tariffs on cooking oil, bearing in mind that the holiday season and its rising prices are becoming a concern.
The Central Board of Indirect Taxation and Customs (CBIC) in two separate notices has reduced basic tariffs and stopped the agricultural and infrastructure development of various cooking oils.
The basic tariffs on crude palm oil, crude soybean oil and crude sunflower seed oil have been reduced from 2.5% to zero. Crude palm oil has also reduced agricultural success rates from 20% to 7.5%.
Agricultural utilization of both crude soybean oil and crude sunflower oil has been reduced from 20% to 5%. Tariff reductions for all categories of cooking oil are effective today and will be effective until March 31, 2022.