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Govt Sharply Revises Down Base Import Price Of Edible Oils

28 Feb 2020 9:57 pm
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NEW DELHI (Commoditiescontrol) – The government has revised down the base import prices of all edible oils, according to an official notification issued on Friday, Feb 28, 2020.

The highest decrease of USD 53 per tonne was in the base import price of RBD palmolein.

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 Feb 28, 2020 Feb 14, 2020 Change
Crude palm oil 718 770 -52
RBD palmolein 750 803 -53
Crude soyoil 790 795 -5

In Indian Rupee terms, effective duty is as follows:

CPO: Rs 21,517.11 (-1,558.34)

OLN: Rs 26,971.31 (-1,905.97)

CDSBO: Rs 22,096.50 (-139.85)

(By Commoditiescontrol Bureau)

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