Higher Prices
Govt raises base import prices of all edible oils by $3-$18/tn
This story was originally published at 13:53 IST on 1 October 2024
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MUMBAI – The government has raised the base import price of all edible oils by $3-$18 per tonne, the Central Board of Indirect Taxes and Customs said in a notification late Monday. 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. 13. The government has raised the base import prices of refined, bleached, and deodorised palm oil and crude palm oil by $18 per tonne each. Similarly, the base import price of refined, bleached and deodorised palmolein and crude palmolein has been raised by $18 per tonne each.
The Centre has raised the base import price of crude soybean oil by $3 to $1,014 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 |
Sept. 30 (in $) |
Sept. 13 (in $) |
CHANGE |
|
Crude palm oil |
983 |
965 |
18 |
|
RBD palm oil |
994 |
976 |
18 |
|
Crude palmolein |
999 |
981 |
18 |
|
RBD palmolein |
1,002 |
984 |
18 |
|
Crude soyoil |
1,014 |
1,011 |
3 |
End
US$1 = 83.81 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Sandeep Sinha
Edited by Akul Nishant Akhoury
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