Price Revision
Govt raises base import prices of most edible oils by $34-$45 per tn
This story was originally published at 08:16 IST on 1 January 2025
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MUMBAI – The government has raised the base import prices of most edible oils by $34-$45 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 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. 13.
The government has raised the base import price of crude palm oil by $45 per tonne and of refined, bleached, and deodorised palm oil by $34 per tonne. The base import price of refined, bleached, and deodorised palmolein as well as crude palmolein has been raised by $38 per tonne each.
However, the Centre has cut the base import price on crude soybean oil by $12 per tonne to $1,113 per tonne. India is the world's largest importer of edible oils. Palm oil accounts for the bulk of the country's 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 |
Dec. 31 |
Dec. 13 |
CHANGE |
|
Crude palm oil |
1,203 |
1,158 |
45 |
|
RBD palm oil |
1,205 |
1,171 |
34 |
|
Crude palmolein |
1,212 |
1,174 |
38 |
|
RBD palmolein |
1,215 |
1,177 |
38 |
|
Crude soyoil |
1,113 |
1,125 |
(-) 12 |
End
Reported by Sandeep Sinha
Edited by Tanima Banerjee
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