Govt trims base import prices of most edible oils by $2-$6 per tn
This story was originally published at 11:38 IST on 16 July 2024
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MUMBAI – The government has cut the base import prices of most edible oils by $2-$6 a tn, the Central Board of Indirect Taxes and Customs said in a notification late on Monday. The central government levies import duty ad valorem and reviews base prices depending on changes in global prices and foreign exchange rates, usually on a fortnightly basis. The base import prices of edible oils were last revised on Jun 28.
The government has cut the base import prices of refined, bleached, and deodorised palmolein as well as of crude palmolein by $2 a tn each. Similarly, the base import price for refined, bleached and deodorised palm oil was reduced by $3 per tn and crude palm oil by $6 a tn.
The Centre has, however, raised the base import duty on crude soybean oil by $4 a tn to $996 a tn.
India is the world's largest importer of edible oils. Palm oil accounts for the bulk of imports, with most of it purchased from Indonesia, Malaysia, and Thailand, the world's top producers of the commodity.
The following table details the base import prices of edible oils compared with previous levels, in dollars per tn, and the revision in absolute terms in dollars:
EDIBLE OIL | Jul 15 (in $) | Jun 28 (in $) | CHANGE |
Crude palm oil | 925 | 931 | (-)6 |
RBD palm oil | 930 | 933 | (-)3 |
Crude palmolein | 933 | 935 | (-)2 |
RBD palmolein | 936 | 938 | (-)2 |
Crude soyoil | 996 | 992 | 4 |
End
US$1 = 83.58 rupees
Reported by Sandeep Sinha
Edited by Deepshikha Bhardwaj
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