There are chances of increase in the price of edible oil before Diwali. The government has announced to increase the duty on the import of edible oil. This one arrow will kill three birds with one stone. The demand of the country’s oil industry will be met. The price of farmers’ produce will increase and the burden of purchase at the support price will also automatically reduce from the shoulders of the government.
The central government has increased the import duty on edible oils. Union Agriculture Minister Shivraj Singh Chauhan gave this information. He wrote on his X handle that ‘The farmer-friendly Modi government has taken a decision in the interest of farmer brothers and sisters and increased the import duty on edible oils from 0% to 20%. The total effective duty will be 27.5% on adding other equipment.
Increasing the import duty will increase the prices of soybean crop and edible oil manufacturers will also be motivated to buy crops from domestic farmers. Due to which farmer brothers and sisters will be able to get the right price for their crop.
This decision will increase the production of soya meal, and it can be exported. Along with this, other sectors related to soya will also benefit. Heartfelt thanks to Prime Minister Narendra Modi for this important decision in the interest of farmers.’
Oil will become expensive
This decision will force the public to buy expensive oil. Currently, 5 percent duty was being levied on importing unrefined edible oil from abroad in the country. Till 2023, the total duty on import was 37-38 percent.
