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Centre reducing import duty on edible oils hardly makes any difference!
By: Tupaki Desk | 18 Jun 2021 6:39 AM GMT
As fuel prices are shocking Indians. Now it is the turn of the prices of cooking oil that are showing stars to people during the day time. The oil prices have increased by two times nearly.
Drawing a comparison between the prices during last year and in 2021, the prices were doubled.Palm Oil and Sun Flower oil prices used to be between Rs 60-70 and Rs 80-90 respectively. The current prices stood at Rs 130-140 for Palm Oil and Rs 170-180 for Sun Flower oil.
The massive hike in the oil prices are attracting severe criticism from people. A section of BJP supporters and Narendra Modi followers are also joining the force to question the government over the price tags.
Amid this, the Narendra Modi led union government has decided to reduce the import duty on the edible oils.But the relief people will get from th import reduction is nothing compared to the prices increased.
Reportedly, the centre had decided to reduce the import duty by 86 dollars and 112 dollars on Ton crude Palm Oil and refined, bleached and deodorized (RBD) crude palm oil. A reduction of 37 dollors on import duty on Soya Bean oil was also announced
The reduction of import duties hardly makes a difference to the prices. Palm oil price and Soya bean oil prices will be slashed by Rs 6.50 rupees and Rs 2-3 rupees respectively. When compared to the current prices, it is just a peanut.
Drawing a comparison between the prices during last year and in 2021, the prices were doubled.Palm Oil and Sun Flower oil prices used to be between Rs 60-70 and Rs 80-90 respectively. The current prices stood at Rs 130-140 for Palm Oil and Rs 170-180 for Sun Flower oil.
The massive hike in the oil prices are attracting severe criticism from people. A section of BJP supporters and Narendra Modi followers are also joining the force to question the government over the price tags.
Amid this, the Narendra Modi led union government has decided to reduce the import duty on the edible oils.But the relief people will get from th import reduction is nothing compared to the prices increased.
Reportedly, the centre had decided to reduce the import duty by 86 dollars and 112 dollars on Ton crude Palm Oil and refined, bleached and deodorized (RBD) crude palm oil. A reduction of 37 dollors on import duty on Soya Bean oil was also announced
The reduction of import duties hardly makes a difference to the prices. Palm oil price and Soya bean oil prices will be slashed by Rs 6.50 rupees and Rs 2-3 rupees respectively. When compared to the current prices, it is just a peanut.
