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Govt slashes base import price on RBD, crude palmolein by $11 per tonne

04 Apr 2013 Evaluate

With the softening trend in global prices, the government has reduced the tariff value or base import price on RBD palmolein and crude palmolein by $11 a tonne. 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. 

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

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