Common man gets some relief from inflation, palm oil prices come down

Center extends import duty deduction on oils till March 31, 2023 through custom notification

There is good news for the housewives of the state amid the rising inflation. The price of palm oil, an important part of the kitchen, has come down by Rs 30. With this, palm oil cans have reduced by 500 in five months. Also, a can of palm oil has reached Rs 1690. In view of Indonesia’s export ban and the situation of the Russo-Ukraine war, the country had cut duties on the import of edible oils. The deadline for the cut order was expiring on September 30. Now the Center has extended the period for deduction of import duty on oils till March 31, 2023, through a customs notification.

A can of palm oil costs Rs 1690

A can of palm oil has come down by Rs 500 in the last five months. Due to huge revenue of palm oil from Malaysia and Indonesia and lack of demand, palm oil is seeing continuous decline day by day. Oil prices may fall further in the coming days. At the same time, stability is being seen in single oil and cottonseed oil for the last five days.

With the increase in the supply of palm oil in the country, its shortage has now been removed. The frequent fluctuations in prices have also added to the difficulties of oil traders, who are finding it difficult to sell goods to consumers due to daily unbearable and frequent price changes.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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