India cuts base import price of palm oil; raises the price of soybean oil

A boy walks past a tanker train parked at a railway station in Ghaziabad, on the outskirts of New Delhi, India, February 1, 2019. REUTERS/Anushree Fadnavis

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MUMBAI, May 31 (Reuters) – India has cut basic import prices for crude and refined palm oil, while raising the price of crude soybean oil, the government said on Tuesday. a statement.

The government reviews the basic import prices of edible oils, gold and silver every fortnight, and the prices are used to calculate the amount of tax an importer must pay.

India, the world’s biggest importer of edible oils, last week allowed 2 million tonnes of soybean oil to be imported duty-free. Read more

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Merchandise New price in $ Old price in $

Crude palm oil 1,625 1,703

RBD palm oil 1,733 1,765

Palmolein RBD 1744 1771

Crude soybean oil 1,866 1,827

Gold 597 592

Silver 721,687

Base prices for all commodities are in dollars per tonne, except for gold and silver. The price of gold is in $ per 10 grams and that of silver in $ per kg.

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Reporting by Rajendra Jadhav; Editing by Amy Caren Daniel

Our standards: The Thomson Reuters Trust Principles.

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