Govt hikes base import prices of all edible oils by $5-$17 per tn
This story was originally published at 14:08 IST on 1 August 2024
Register to read our real-time news.Informist, Thursday, Aug 1, 2024
MUMBAI – The government has raised the base import prices of all edible oils by $5-$17 a tn, the Central Board of Indirect Taxes and Customs said in a notification late on Wednesday. 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 Jul 15.
The government has raised the base import prices of crude palm oil by $5 a tn and refined, bleached, and deodorised palm oil by $11 per tn. Similarly, the base import price for refined, bleached and deodorised palmolein as well as crude palmolein was raised by $13 per tn each and soyoil by $17 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 31 (in $) | Jun 15 (in $) | CHANGE |
Crude palm oil | 930 | 925 | 5 |
RBD palm oil | 941 | 930 | 11 |
Crude palmolein | 946 | 933 | 13 |
RBD palmolein | 949 | 936 | 13 |
Crude soyoil | 1,013 | 996 | 17 |
End
US$1 = 83.73 rupees
Reported by Sandeep Sinha
Edited by Deepshikha Bhardwaj
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
