Categories: Economy

GoI reduces agri-cess for Crude Palm Oil from 7.5 percent to 5 percent

With a view to provide further relief to consumers and to keep in check any further rise in the prices of domestic edible oils, the Centre has reduced the agri-cess for Crude Palm Oil from 7.5 per cent to 5 per cent. The current basic rate of import duty of zero per cent on Crude Palm Oil, Crude Soyabean oil, and Crude Sunflower Oil up to the 30th of September this year. This will give relief to consumers and prevent a further rise in the price of domestic edible oils.

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The 12.5 per cent import duty on refined palm oils, 17.5 per cent on refined soyabean oil, and 17.5 per cent on refined sunflower oil will continue in effect until September 30, 2022. Furthermore, under the Essential Commodities Act of 1955, the government has set stock limit levels on edible oils and oilseeds up to June 30th of this year.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.