India reduces base import price for palm oil, soya oil

New Delhi, Apr 18 (UNI) For the second time in the past two weeks, India has reduced the base import price of crude palm oil, imported from Malaysia and Indonesia, to 420 US dollars per tonne from 430 US dollars and that of crude soybean oil, imported from South Africa,to 518 US dollars per tonne from 524 US dollars.

Traders have to pay import duties on the base value fixed by the government, after taking customs duties into account and also to prevent under-invoicing by importers which could lead to loss of revenue.

As per the official notification issued last evening, the base import prices of RBD (Refined, Bleached and Deoderised) palm oil had been reduced to 435 US dollars per tonne from 445 US dollars , and RBD palmolein to 445 US dollars per tonne from 455 dollars.

The reduction for other palm oil base import price at 428 US dollars per tonne from 438 US dollars and other palmolein to 444 US dollars per tonne from 454 US dollars.

The reduction in base price will have only a marginal impact on prices as the market, said B V Mehta, executive director of the Solvent Extractors' Association of India.

India imported around 4.8 million tonnes, 40 percent of its annual consumption around 11 million tonnes of edible oil last year.

However,India is the world's fourth-largest vegetable oil producer.UNI/JSS/BBS RK BST1557