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Informist, Thursday, Jan. 16, 2025

 

MUMBAI – The government has reduced the base import prices of all edible oils by $23-$66 per tonne, the Central Board of Indirect Taxes and Customs said in a notification late on Wednesday.

 

The Centre levies import duty ad valorem and reviews the 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 Dec. 31.

 

The government has cut the base import price of crude palm oil by $66 per tonne and of refined, bleached, and deodorised palm oil by $25 per tonne. The base import price of refined, bleached, and deodorised palmolein as well as crude palmolein has been reduced by $23 per tonne each, and soyoil by $39 a 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 dollars per tonne, and the revision in absolute terms in dollars:

 

EDIBLE OIL	Jan. 15	Dec. 31	CHANGE
Crude palm oil	1,137	1,203	(-) 66
RBD palm oil	1,180	1,205	(-) 25
Crude palmolein	1,189	1,212	(-) 23
RBD palmolein	1,192	1,215	(-) 23
Crude soyoil	1,074	1,113	(-) 39

 

End

 

Reported by Sandeep Sinha

Edited by Avishek Dutta

 

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