Crude Soyoil
Govt ups base import prices of crude soyoil by $11/tn, other oils by $25/tn
This story was originally published at 11:40 IST on 16 October 2024
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MUMBAI - The government has raised the base import price of crude soyoil by $11 per tonne and other edible oils by $25 per tonne, the Central Board of Indirect Taxes and Customs said in a notification late Tuesday. The Centre levies import duty ad valorem and reviews base import 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 Sept. 30.
The government has raised the base import prices of refined, bleached, and deodorised palm oil, crude palm oil, crude palmolein, and refined, bleached and deodorised palmolein by $25 per tonne each.
The base import price of crude soybean oil has been hiked by $11 to $1,025 per tonne. India is the world's largest importer of edible oils. Palm oil accounts for a 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 dollar per tonne, and the revision in absolute terms in dollars:
|
EDIBLE OIL |
Oct. 15 (in $) |
Sept. 30 (in $) |
CHANGE |
| Crude palm oil | 1,008 | 983 | 25 |
| RBD palm oil | 1,019 | 994 | 25 |
| Crude palmolein | 1,024 | 999 | 25 |
| RBD palmolein | 1,027 | 1,002 | 25 |
| Crude soyoil | 1,025 | 1,014 | 11 |
End
US$1 = INR 84.06
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by J. Navya Sruthi
Edited by Vandana Hingorani
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