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Canola Council protests increase in duty rates on refined & crude oils

Zoom in font  Zoom out font Published: 2015-09-22  Views: 16
Core Tip: The Canola Council of India (CCI) has strongly protested the increase in duty rates on edible oil - from 15% to 20% on refined oils and 7.5% to 12.5% on crude oils.
The Canola Council of India (CCI) has strongly protested the increase in duty rates on edible oil - from 15% to 20% on refined oils and 7.5% to 12.5% on crude oils.

In this regard, V N Dalmia, convener, CCI, charged the government of being ultra-protectionist in outlook and promoting inefficiencies in domestic production.

He said that domestic producers were constantly asking for duty increases to cover their inefficiencies and high costs and the present government found it convenient to cave in to such pressures. He added that the duty increases would make edible oils more expensive for the consumer.

“Canola oil is not produced in India and is one of the word’s healthiest edible oils. Hence, it needs to be treated separately from other edible oils. The duty increases were being resorted to excessively by the government as indicated by the table below:

  Upto Jan. 2014 Jan.2014 – Dec.2014 Dec. 2014 – Sept. 2015 Sept. 2015
Crude Canola Oil 2.5% 2.5% 7.5% 12.5%
Refined Canola Oil 7.5% 10% 15% 20%

The problem is compounded by the fact that rupee depreciation in recent months has already raised the landed prices in rupees of imported Canola oil. ”While prices of other edible oils have fallen in dollar terms, Canola oil prices have remained steady and there is no case to raise duty rates on Canola oil,” Dalmia stated.

He explained that numerous studies on the use of Canola oil as a cooking medium have proved that it lowers bad cholesterol (LDL) and increases the level of good cholesterol (HDL). Canola oil is considered the healthiest cooking medium in the world, providing incomparable protection against cardiovascular disease. Heart disease will be the single greatest 'killer' in India by 2015 (WHO).
 
 
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