The government reduces the basic import price of palm oil; increases soybean oil content

India has cut basic import prices for crude and refined palm oil, while raising the price of crude soybean oil, the government said in a statement on Tuesday.

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.

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.

(Reporting by Rajendra Jadhav; Editing by Amy Caren Daniel)

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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