📰 News ⏱ 2 min

Why Are Cooking Oil Prices Going Down? 🤔

The government lowered the basic customs duty, which is a tax on oil that is imported, to make it cheaper.

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Key Points

4 points

Basic customs duty on raw sunflower oil reduced from ten percent to zero.

Basic customs duty on raw soybean and palm oil reduced from ten percent to five percent.

Lower taxes aim to reduce the cost of cooking oil for families.

Maintaining a tax gap encourages local factories to turn raw oil into cooking oil.

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Sunflower oil will have no tax, and soybean and palm oil taxes are cut in half.

Cheaper oil can help lower the price you pay at the grocery store.

The rule still keeps a difference between taxes on raw oil and the oil after it is processed, so local factories stay busy.

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7 words

basic customs duty

a tax the government charges on things brought into the country

imported

brought in from another country

raw

still in its natural, unprocessed form

processed

changed into a form we can use

inflation

when prices of many things go up over time

refining

the process of making raw oil ready for cooking

factory

a place where things are made

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