Palm Oil Value: India cuts base import value of palm oil; raises soyoil value

India has slashed the bottom import costs of crude and refined palm oil, whereas elevating the worth of crude soyoil, the federal government stated in a press release late on Tuesday.

The federal government revises base import costs of edible oils, gold and silver each fortnight, and the costs are used to calculate the quantity of tax an importer must pay.

India, the world’s largest edible oils importer, final week allowed responsibility free imports 2 million tonnes of soyoil.

Commodity New value in $ Outdated value in $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 costs for all commodities are in $ per tonne, apart from gold and silver. The gold tariff is in $ per 10 grams and silver in $ per kg.
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