The Centre on February 14 said it has reduced the ‘Agri infra development cess‘ on crude palm oil (CPO) from 7.5 per cent to 5 per cent.
- The government said its decision to reduce the agri-cess on crude palm oil will benefit the domestic edible oil refiners and also check prices of cooking oils.
- Domestic edible oil prices had declined by about 10 per cent to 12 per cent by November 2021 from their peak. However, due to various geo-political reasons, change in palm oil export policy of Indonesia and concerns about the soyabean crop of South America, prices have again started moving upwards.
- Of the 20-21 million tonnes of edible oil that India consumes annually, around `4-15 mt is imported.
- India is second only to China (34-35 mt) in terms of consumption of edible oil. Palm oil (45 per cent) is the largest consumed oil.
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