Govt hikes base import price of most edible oils by $7 per tn
This story was originally published at 14:57 IST on 16 August 2024
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MUMBAI - The government has raised the base import price of most edible oils by $7 a tn, the Central Board of Indirect Taxes and Customs said in a notification late on Wednesday. The Centre 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 31.
The government has raised the base import prices of refined, bleached, and deodorised palm oil as well as of crude palm oil by $7 a tn each. Similarly, the base import price for refined, bleached and deodorised palmolein as well as crude palmolein was raised by $7 per tn each.
The Centre has, however, cut the base import duty on crude soybean oil by $25 a tn to $988 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 | Aug 14 (in $) | Ju1 31 (in $) | CHANGE |
Crude palm oil | 937 | 930 | 7 |
RBD palm oil | 948 | 941 | 7 |
Crude palmolein | 953 | 946 | 7 |
RBD palmolein | 956 | 949 | 7 |
Crude soyoil | 988 | 1,013 | (-) 25 |
End
US$1 = 83.96 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Sandeep Sinha
Edited by Vandana Hingorani
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