 Online edition of India's National Newspaper Friday, Mar 20, 2009 ePaper | Mobile/PDA Version |
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Retail prices of soya oil may decline by 10-15 per cent. NEW DELHI: The Centre on Thursday announced that it had scrapped the 20-per cent import duty on crude soyaoil, four months after imposing the duty to prevent dumping of cheap products from overseas markets. “It has already been notified to zero duty,” Commerce Secretary G. K. Pillai said here when asked about rolling back the duty on import of crude soya oil. The Government had on November 18 last year slapped the import levy only on crude soya oil while leaving the duty structure of other varieties of edible oils unchanged. Retail prices of soya oil may decline by 10-15 per cent if the duty on crude soya oil is scrapped, Adani Wilmer Chief Executive Atul Chaturvedi said here. According to an industry estimate, crude soya oil has become cheaper by $503 a tonne in the global markets since August last year. The slump in prices has prompted traders to import on a large scale of 2.02 lakh tonnes of soya oil since November, compared with nil in the year-ago period.
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