India cuts base import price of palm oil; raises soyoil price


India cuts base import price of palm oil; raises soyoil price

The government revises base import prices of edible oils every fortnight.

Mumbai:

India has slashed the base import prices of crude and refined palm oil, while raising the price of crude soyoil, the government said in a statement late on Tuesday.

The government revises base import prices of edible oils, gold and silver every fortnight, and the prices are used to calculate the amount of tax an importer needs to pay.

India, the world’s biggest edible oils importer, last week allowed duty free imports 2 million tonnes of soyoil.

Base prices for all commodities are in $ per tonne, except for gold and silver. The gold tariff is in $ per 10 grams and silver in $ per kg.



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