Govt raises edible oil base import prices by $4-$17 per tonne; palm, soyoil revised higher
India raised base import prices of key edible oils by $4-$17 per tonne, effective Tuesday. Crude palm oil increased to $1,232, RBD palm oil to $1,238, while palmolein and crude soyoil also rose. The revisions affect import duty calculations for edible oils.
The government has increased the base import prices of key edible oils, with revisions ranging between $4 and $17 per tonne, according to a notification issued by the Central Board of Indirect Taxes and Customs on Monday. The updated rates will take effect from Tuesday.
Among the changes, the base import price of crude palm oil has been raised to $1,232 per tonne from $1,218, while RBD palm oil has been revised upward to $1,238 per tonne compared with $1,222 earlier.
Crude palmolein now carries a revised base import price of $1,247 per tonne, up from $1,230, and RBD palmolein has been increased to $1,250 per tonne from $1,233. The base price of crude soyoil has been lifted to $1,248 per tonne from $1,244.
The revision reflects adjustments of $14 per tonne for crude palm oil and $16 per tonne for RBD palm oil. Both crude and RBD palmolein saw an increase of $17 per tonne each, while crude soyoil was raised by $4 per tonne.
The government periodically reviews these benchmark import prices—typically every fortnight—based on movements in global prices and foreign exchange rates. These benchmarks are used to determine import duty on edible oils.
India, the world’s largest importer of edible oils, sources most of its palm oil from Indonesia, Malaysia and Thailand. Palm oil remains the dominant component of the country’s edible oil imports.
The latest revision follows the previous update carried out on May 30.
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Source : CNBC Tv18
