New Delhi . The festive season is about to come in India and people were worried about the impact of inflation on this. Not only this, the government’s decision to increase custom duty on edible oils and other goods in the past days had further increased it. But now the government has claimed that inflation will be controlled during this festive season, that is, the burden on the common people of the country will not increase. For this, instructions have also been given to companies and traders doing business of commodity products.
On Wednesday, the government has claimed that the prices of essential commodities will not increase during the festive season and the prices of wheat, rice, sugar and edible oil will be monitored. It is worth noting that recently the government has increased the import duty on edible oils, which has increased the possibility of a rise in its prices. But, the claim of the Food Consumer Ministry that the prices of wheat, rice, sugar and edible oil will remain under control is a relief. The ministry said that on Tuesday itself, edible oil companies have been asked not to increase prices for the time being.
It is worth noting that the government led by Prime Minister Narendra Modi has taken a big decision and recently increased the customs duty on crude and refined oil. This increase has been made on sunflower oil, palm oil and soybean oil. After the change in customs duty in the notification issued by the Finance Ministry, the new rates have been implemented from 14 September 2024. The basic customs duty on crude is 0-20 percent, while on refined oil it has now been made 12.5-32.5 percent. After the increase in basic customs duty, now the effective duty on crude oil and refined oils will increase from 5.5 percent to 27.5 percent and from 13.75 percent to 35.75 percent respectively.