In the wake of over 30 per cent increase in the retail prices of majority of cooking oils, the government also resorted to massive import duty cut on palm oil to bring down retail prices.

To cushion the impact of increase in international prices of rice and edible oils, the government reduced the import duty on semi-milled or wholly milled rice from 70 per cent to nil. 

This exemption would be available only up to March 31, 2009, the Finance Ministry said here.

Similarly the import duty on crude palm oil including crude palmolein reduced from 45 per cent to 20 per cent, on refined palm oil including RBD palmolein from 52.5 per cent to 27.5 per cent, crude mustard/rapeseed/colza/canola oils from 75 per cent to 20 per cent.

Refined oil
The government also reduced import duty on refined mustard/rapeseed/colza/canola oils from 75 per cent to 27.5 per cent, crude sunflower oil from 40 per cent to 20 per cent and refined sunflower oil from 50 per cent to 27.5 per cent.

These duty cuts will come into effect from midnight on Thursday.

Tariff values
Besides, the government also froze the tariff values of crude palm oil  (447 dollars per tonne), RBD Palm oil (476 dollars PMT), crude palmolein (481 dollars PMT), and RBD Palmolein (484 dollars PMT) have been frozen at July, 2006 prices.

The Finance Ministry have already issued necessary notifications to effect the proposed duty cuts.