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Govt Revises Up Base Import Price Of Edible Oils

13 Dec 2019 6:21 pm
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NEW DELHI Commoditiescontrol)– The government has revised up the base import prices of all edible oils, according to an official notification issued on Friday, December 13, 2019.

The highest increase of USD 37 per tonne was in the base import price of crude palm oil.

Based on global prices and fluctuations in foreign exchange rates, the government revises base import prices every fortnight. India is the world’s largest importer of edible oil.

Palm oil accounts for a bulk of the total edible oils imported annually, with most of it imported from Indonesia and Malaysia. Most of the crude soyoil is imported from Argentina, the world’s third-largest soybean producer.

The following table details the base import prices of edible oils, in dollar per tonne:

Edible Oils Dec 13, 2019 Nov 29, 2019 Change
Crude palm oil 687 650 +37
RBD palmolein 719 690 +29
Crude soyoil 776 769 +7

In Indian Rupee terms, effective duty is as follows:

CPO: Rs 21,885.07 (+1178.67)

OLN: Rs 28,630.58 (+1154.78)

CDSBO: Rs 21,630.22 (+195.12)

(By Commoditiescontrol Bureau)

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