New Delhi (Commodities Control) – The government revised the its decision to keep tariff value of vegetable oil which will y give some reliefs to the consumer but market is surprised by the correction in the decision a day later. However, Edible oil industry bodies have appreciated the quick action taken by the government.
Central Board of Indirect Taxes & Customs (CBIC) under the Department of Revenue, Ministry of Finance in a notification on Wednesday reduced tariff value of all imported vegetable oils and New rates are effective from today as per the notification.
A day ago on Tuesday, the CBIC left the tariff value to vegetable oils unchanged which was said through a notification. The change in the decision a day latter has surprised the market, said oilseed and edible oil traders.
However, industry bodies have to say revision in tariff value of edible oil was due as prices of the vetable oils have declined considerably in recent past.
The government also said on Wednesday that the prices of edible oils began to decline and brought relief to consumers as prices have declined up to almost 20 percent in certain categories.
Luxmichand Agarwal, patron of the Central Organisation for Oil Industry & Trade (COOIT) said on telephone that revision in tariff value was due as prices of the edible oil have dropped recently. He appreciated the decision taken by the government.
The apex edible oil industry body, Solvent Extractors Association (SEA) Of India has also appreciated the revision in tariff value of vegetable oils.
Executive Director of SEA Dr. B.V Mehta said, “ We had been urging the government to freeze the tariff rate at lower level for past few months. In between the prices of edible oils have come down considerably that should be taken into consideration. We again wrote to the government after the tariff duty was left unchanged and informed about the ground reality after which the government has corrected this.”
“We appreciate the immediate by the government,” he added.
As per the notification issued on Wednesday, the tariff value of crude palm oil has been reduced to $1136 per metric tonne from $1,222 per tonne.
The tariff value of RBD palm Oil reduced to $1148 per metric tonne from $1245 per metric tonne and that of other palm oil has been reduced to $ 1142 from $1234 per metric tonne.
The tariff value of crude palmolein dropped to $1150 from $1262 per metric tonne and that of RBD Palmolein has been reduced to $ 1153 from $1265 per metric tonne.
The tariff value of other palmolein is now at $ 1152 against previous rate at $1264 per metric tonne. The tariff value of crude soybean oil has been reduced to $1415 from $1452 per metric tonne.
(By Commoditiescontrol Bureau: +91-22-40015505)
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