Edible Oil: There is big news about edible oil. According to information received from sources, the government can take a big decision soon. It can have a major impact on soybean oil, mustard oil and palm oil prices.
According to information received from sources, import duty on edible oil may increase. The government is considering increasing the fee. The decision to increase the fee can be taken soon. Sources said that duty can be extended for the second time in 6 months. In fact, the government wants to support local prices.
Let us tell you here that the government wants to reduce dependence on imports. Due to low import rates, farmers are currently suffering losses. In September 2024, import duty increased by 20 percent. ED Mehta of BV Solvent Extractors Association said that it will be good for industry and farmers if the import duty increases. Soy and mustard oil exports will also be boosted.
Despite a 20% increase in the fee, soybean prices are rising, while mustard prices have declined. If the difference in fee increases, the industry will benefit. There is a need to reduce the fee on refined oil and increase fees on palm oil. India imports 60 percent of its edible oil requirements.
