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India has slashed the base import prices of crude and refined palm oil, while raising the price of crude soyoil, the government said in a statement late on Tuesday.
The government revises base import prices of edible oils, gold and silver every fortnight, and the prices are used to calculate the amount of tax an importer needs to pay.
India, the world’s biggest edible oils importer, last week allowed duty free imports 2 million tonnes of soyoil.
New Delhi has been struggling to contain a rally in local edible oil rates in recent months, and Russia’s invasion of Ukraine has made it even more difficult for the government to tame vegetable oil prices.
Back in March, India had contracted 45,000 tonnes of Russian sunflower oil at a record high price for shipments in April as edible oil prices in the local market surged after supplies from rival Ukraine stopped, five industry officials told Reuters.
Sunflower oil from Russia could help the world’s biggest edible oil importer in easing the shortfall at a time when availability of vegetable oils is stretched because of Indonesia’s decision to restrict palm oil supplies and lower soybean crop in South America.
Commodity New price in $ Old price in $
Crude palm oil 1,625 1,703
RBD palm oil 1,733 1,765
RBD palmolein 1,744 1,771
Crude soya oil 1,866 1,827
Gold 597 592
Silver 721 687
Base prices for all commodities are in $ per tonne, except for gold and silver. The gold tariff is in $ per 10 grams and silver in $ per kg.
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