The Government has reduced the tariff value or base import price on RBD palmolein and crude palmolein by $11 a tonne in line with the softening trend in global prices.

For gold, the base import price has been hiked by $5 to $521 for 10 gram against $516 a fortnight ago.

However, for silver it has been lowered to $920 a kg from the earlier $930, according to a notification by the Central Board for Excise and Customs.

The base import price for refined, bleached and deodorised (RBD) palmolein has now been fixed at $863 a tonne against $874 a fortnight earlier. Similarly, the base import price for crude palmolein stands reduced at $860 a tonne against $871.

Also, the base import price on crude soyabean oil has decreased to $1,093 a tonne from $1,147 a fortnight ago.

The Government recently de-freezed the tariff values of all edible oils, palm oil – crude and refined, and soyabean oil – crude, and has decided to notify their tariff values fortnightly on the basis of their prevailing international prices.

An alignment of notified tariff values with international prices will have a positive impact on the duty collected from import of edible oils and will provide an even-field to the domestic refining industry. The Government had recently imposed a 2.5 per cent duty on crude edible oils.

The latest base import price for crude palm oil stands at $829 a tonne ($838 a fortnight earlier), RBD Palm oil at $855 a tonne ($870) and other palm oil at $842 ($854).

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