The Government has hiked tariff value or base import price on RBD palmolein and crude palmolein by $2 a tonne largely in line with global prices. On the other hand, the base import price for gold and silver has been reduced by 2.6 and 5.8 per cent respectively.

The base price for refined, bleached and de-odourised (RBD) palmolein has been hiked to $914 a tonne, up from $912. Similarly, the base price for crude palmolein has increased to $911 a tonne from $909.

However, the tariff value on crude soyabean oil has decreased to $1,202 from $1,229 a tonne.

The Government has recently unfrozen 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 decline in global prices prompted the Government to revise the base import price for gold and silver downwards

. Gold now attracts a tariff value of $521 for 10 grams as against $535 earlier. For silver, the tariff value now stands at $944/kg against the earlier $1,003.

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