India slashed the base import prices of crude palm oil, soya oil, gold, and silver as prices on the world market corrected, the government said in a statement late on Wednesday. The government revises the base import prices of edible oils, gold, and silver every fortnight, and the prices are used to calculate the amount of tax an importer needs to pay.
India is the world's biggest importer of edible oils and silver and the second-biggest consumer of gold.
| Commodity | New price in $ | Old price in $ |
|---|---|---|
| Crude palm oil | 898 | 988 |
| RBD palm oil | 984 | 1,020 |
| RBD palmolein | 997 | 1,033 |
| Crude soya oil | 976 | 983 |
| Gold | 629 | 650 |
| Silver | 754 | 773 |
Base prices for all commodities are in $ per tonne, except for gold and silver. The gold tariff is in $ per 10 grams and silver in $ per kg.