Insight Bureau: The Government of India has cut the basic duty on Crude Palm Oil, Crude Soyabean Oil and Crude Sunflower Oil from 2.5% to nil in a bid to reign in continuous rise in the cooking oil prices since past one year.
The Agri-cess on these Oils has been brought down from 20% to 7.5% for Crude Palm Oil and 5% for Crude Soyabean Oil and Crude Sunflower Oil.
The basic duty on RBD Palmolein Oil, Refined Soyabean and Refined Sunflower Oil has been slashed to 17.5% from the current 32.5%.
After reduction, the effective duty on Crude Palm Oil will be 8.25%, Crude Soyabean Oil and Crude Sunflower Oil will be 5.5% each.