Base Import Price
Govt raises base import price of most edible oils by $12/tn
This story was originally published at 14:29 IST on 2 September 2024
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MUMBAI – The government has raised the base import price of most edible oils by $12 per tn, the Central Board of Indirect Taxes and Customs said in a notification late Friday. 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 Aug 14.
The government has raised the base import prices of refined, bleached, and deodorised palm oil and crude palm oil by $12 per tn each. Similarly, the base import price of refined, bleached and deodorised palmolein and crude palmolein has been raised by $12 per tn each.
However, the Centre has cut the base import price on crude soybean oil by $5 per tn to $983 per tn.
India is the world's largest importer of edible oils. Palm oil accounts for bulk of the 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 30 (in $) |
Aug 14 (in $) |
CHANGE |
|
Crude palm oil |
949 |
937 |
12 |
|
RBD palm oil |
960 |
948 |
12 |
|
Crude palmolein |
965 |
953 |
12 |
|
RBD palmolein |
968 |
956 |
12 |
|
Crude soyoil |
983 |
988 |
(-) 5 |
End
US$1 = 83.89 rupees
Reported by Sandeep Sinha
Edited by Ashish Shirke
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