Duty cut pushes up edible oil prices; up to 8% surge across all varieties

Through increase in import duty, the government aims to help domestic oilseed crushers and edible oil producers who suffered badly last year due to cheap imports

Prices of edible oils and oilseeds have jumped by upto 8 per cent across all varieties following the government's decision to raise import duty on crude palm oil (CPO) and refined edible oil to reduce India's dependence on imported oil.

With the current hike, the CPO for delivery in spot at Kandla was quoted at Rs 638 per 10 kgs on Monday, a rise of 8 per cent from its level of Rs 592 per 10 kgs on prior to duty hike. Similarly, RBD (refined, bleached and deodorized) palmolein is sold now at Rs 700 per 10 kgs at Kandla port