India lowers the basic import price of palm oil; increases soybean oil price

Bombay:

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

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

India, the world’s largest importer of edible oils, last week allowed duty-free imports of 2 million tons of soybean oil.

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