The Department of Food and Public Distribution (DFPD) has met with representatives from leading edible oil associations to discuss pricing strategies in light of recent changes in import duties. A press release on the meeting was issued on September 17, 2024.
Key Points of Discussion
Associations have been advised to maintain the Maximum Retail Price (MRP) of edible oils until stocks imported at lower duties are depleted.
The government has previously encouraged the industry to reduce MRPs in response to falling international prices and reduced import duties.
The government has raised Basic Customs Duty (BCD) on various edible oils to support domestic oilseed farmers.
Approximately 30 lakh metric tonnes (LMT) of edible oils imported at lower duties are currently available, enough for 45-50 days of domestic consumption.
The government’s decision to increase import duties aims to boost domestic oilseed production and ensure fair prices for farmers. By maintaining MRP, the industry can contribute to price stability and protect consumers from undue fluctuations.
