Govt revises tariff value on various edible oils

New Delhi, May 31 (UNI) To bring domestic edible oil prices in alignment with global price scenario, the Government today reduced the base import prices of palm oils, but hiked the prices of soybean oils.

The Finance Ministry reduced the base import price of crude palm oil from 433 dollar a tonne to 430 dollar a tonne, and raised the price of crude soybean oil from 540 dollars a tonne to 559 dollar a tonne.

According to a notification issued here by the Central Board of Excise and Customs, Department of Revenue, revised price of RBD palm oil has been reduced to 445 dollar a tonne from 448 dollar a tonne, and other palm oils to 438 dollar a tonne from 441 dollar a tonne.

India is the world's fourth-largest producer of vegetable oils, but has to import substantial quantity to meet the annual domestic requirement of 11 million tonnes.

Crude palmolein prices are set at 452 dollar a tonne compared to the previous price of 455 dollar a tonne, while RBD palmolein was revised to 455 dollar a tonne from 458 dollar a tonne.

Other palmolein import prices are set at 454 dollar a tonne against the earlier price of 457 dollar a tonne, according to an official release here.

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