Informist, Thursday, Oct. 31, 2024

MUMBAI – The government has raised the base import prices of all edible oils by $32-$39 per tonne, the Central Board of Indirect Taxes and Customs said in a notification late 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 Oct. 15.

The government has raised the base import price of crude palm oil by $38 per tonne and of refined, bleached, and deodorised palm oil by $39 per tonne. The base import price of refined, bleached, and deodorised palmolein as well as crude palmolein has been raised by $39 per tonne.

The Centre has raised the base import price of crude soybean oil by $32 to $1,057 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 dollars per tonne, and the revision in absolute terms in dollars:

End

US$1 = INR 84.08

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Sandeep Sinha

Edited by Rajeev Pai

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