New Delhi: With edible oil prices pinching the household budget despite recent fiscal measures, an empowered Group of Ministers is likely to meet next week to consider reduction of import duty on soya oil.

"It (import duty cut on soya oil) will be taken in the next meeting of eGoM," a senior official told reporters here. He indicated that the eGoM, headed by External Affairs Minister Pranab Mukherjee, may meet on March 31.

Last week, the Centre had reduced import duty on crude palm oil, including crude palmolein, from 45 per cent to 20 per cent. On refined palm oil, including RBD palmolein, the duty was reduced from 52.5 per cent to 27.5 per cent. The duties have also been cut on cooking oils such as mustard, sunflower, rapeseed and canola.

India imports soya oil mostly from Argentina and Brazil. India took up the issue of increasing supplies from the Latin American country when its Minister of Development, Industry and Foreign Trade Miguel Jorge met Commerce and Industry Minister Kamal Nath here yesterday. Soya oil prices have skyrocketed to Rs 80 per litre. In December last year, it was Rs 60 per litre.

Source : PTI