The Hindu Business Line : Edible oils weaken as Govt announces cut in import duty

NEW DELHI: Select edible oil prices declined on the oils and oilseeds market during the week under review largely on the Government's announcement to reduce import duty on them.

A few oils in the non-edible section also eased on reduced industrial offtake. In a measure to check rise in the edible oil prices, the Government has cut import duty on edible oils. Customs duty on crude palm oil was reduced to 45 per cent from 50 per cent and on refined palmloline (RBD) to 52.7 per cent from 57.5 per cent.

Traders said apart from the cut in customs duty, increased arrivals from producing belts also dampened the trading sentiments.

In the edible section, mustard expeller oil lost Rs 20 at Rs 5,080 a quintal on lack of local support. Soyabean refined mill delivery and cottonseed mill delivery oils drifted to Rs 5,150 and Rs 4,950 as compared to previous week's closing of Rs 5,200 a nd Rs 5,000 per quintal respectively.

Palmoline (RBD) dropped by Rs 50 at Rs 4,950 a quintal on lower Malaysian advices. - PTI

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