Edible oil prices rise by 52% YoY: Govt
New Delhi, July 30: Average prices of edible oils in retail markets have increased by up to 52 per cent in July compared to the year-ago period, according to official data.
In a written reply to the Rajya Sabha on Friday, minister of state for food and consumer affairs Ashwini Kumar Choubey said the government has taken several measures with respect to essential food items like pulses and edible oil to curb the increase in prices in the wake of the pandemic.
As per the data shared by the minister, the average monthly retail prices of groundnut oil increased by 19.24 per cent in July over the same month last year.
Prices of mustard oil increased by 39.03 per cent, vanaspati by 46.01 per cent, soya oil by 48.07 per cent, sunflower oil by 51.62 per cent and palm oil by 44.42 per cent during the oneyear period.
The latest data is up to July 27, 2021.
"To soften the prices of edible oils, the duty on crude palm oil (CPO) has been cut by 5 per cent from 30th June 2021 until 30th September 2021. This reduction has brought down the effective tax rate on CPO to 30.25 per cent from the earlier 35.75 per cent. Further, the duty on Refined palm oil/ palmolein has been reduced to 37.5 per cent from 45 per cent," Choubey said.
A revised import policy for refined bleached deodorised (RBD) palm oil and RBD palmolein has been put in place from June 30, 2021 under which these items have been shifted from the restricted to the free category, he added.
In reply to a separate question, minister of state for food and consumer affairs Sadhvi Narayan Jyoti said representations have been received from Soyabean Processors Association, Indian Vegetable Oil Producers' Association and Solvent Extractors' Association highlighting concerns over alleged violation or misuse of Free Trade Agreement provisions in import of palm/soyabean oil from Nepal.
"The allegations made by associations have been analysed by Central Board of Indirect Taxes & Customs and necessary instructions have been issued,” she said.