FORTNIGHTLY UPDATE
Govt raises base import price of all edible oils by $16-28/tn
This story was originally published at 13:39 IST on 16 September 2024
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MUMBAI – The government has raised the base import price of all edible oils by $16-28 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 30.
The government has raised the base import prices of refined, bleached, and deodorised palm oil and crude palm oil by $16 per tn each. Similarly, the base import price of refined, bleached and deodorised palmolein and crude palmolein has been raised by $16 per tn each.
The Centre has raised the base import price of crude soybean oil by $28 per tn to $1,011 per tn.
India is the world's largest importer of edible oils. Palm oil accounts for the 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 |
Sep 13 (in $) |
Aug 30 (in $) |
CHANGE |
|
Crude palm oil |
965 |
949 |
16 |
|
RBD palm oil |
976 |
960 |
16 |
|
Crude palmolein |
981 |
965 |
16 |
|
RBD palmolein |
984 |
968 |
16 |
|
Crude soyoil |
1,011 |
983 |
28 |
End
US$1 = 83.88 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Anjali Lavania
Edited by Namrata Rao
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