India cuts base import prices of crude palm oil, gold

MUMBAI (Reuters) – India has reduced the base import prices of crude palm oil, soyoil, gold and silver, the government said late on Wednesday.

The government revises 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, the world’s biggest edible oils importer, last month allowed duty-free imports of 2 million tonnes of soyoil.

Commodity New price in $ Old price in $

Crude palm oil 1,620 1,625

RBD palm oil 1,757 1,733

RBD palmolein 1,767 1,744

Crude soya oil 1,831 1,866

Gold 585 597

Silver 695 721

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.

(Reporting by Rajendra Jadhav; Editing by Mark Heinrich)