Increased import duty takes edible oil prices up by ₹210-345

On September 14, the central government raised the custom duty on imported edible oils by 20%, leading to uncontrolled price hikes. 

All edible oils, except for groundnut oil, have seen price increases for 15 kg container, ranging from ₹210 to ₹345 in less than two weeks in Gujarat. 

In just two days, prices per kilogram have increased by ₹50 for cotton oil, ₹45 for palm oil, ₹40 for sunflower oil, and ₹20 for mustard oil.

Since the implementation of the increased import duty consumers are facing the inflated prices. 

As of September 26, prices for a 15 kg tin have risen as follows, compared to September 13 —

In just the past two days, coconut oil has seen a ₹100 increase in its prices leading to a ₹250 hike over four days.

In widely used cooking oils, there has been no increase in import duty, but due to partial crop losses, cottonseed oil prices have gone up by ₹50. Palm oil, which was selling at 1980-1985 prices, has increased by ₹45. 

The 20% rise in palm oil import duty has led the oil lobby to increase prices by 20.53% since the government’s decision. Sunflower oil has also risen by ₹40 in the last two days.

The prices of groundnut oil have gone up despite the record production of peanuts in the state this year at 58 lakh tonnes. The price of vegetable ghee made from palm oil has seen the highest increase of ₹430.

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20% duty hike drives surge of ₹240 in Cotton Oil, ₹235 in Palm Oil in 6 days