Govt keeps base prices of edible oils unchanged

The government today decided to keep base prices of edible oils unchanged for the second fortnight of this month.     

As the government has abolished import duty on crude edible oil, the tariff value is now valid only for refined oils, which attract 7.5 per cent duty for all varieties like soyabean, palm and sunflower.     

The fortnightly revision of tariff values was introduced in August 2001 for calculating customs duty with an aim of preventing revenue losses due to malpractices by importers.      

Base prices or tariff values of palm oil products, which account for majority of edible oil imports, have not been changed since July 2006 in order to contain cooking oil prices in the country.     

Current tariff value for the RBD palm oil stands at $476 per tonne, palm oil (others) at $462 , RBD palmolein at $484 and palmolein (others) at $483.     

Nearly 40-50 per cent of the domestic edible oil consumption of about 12 million tonnes is met through the imports of soyabean and palm group of oils.     

Meanwhile, the base price of poppy seeds for the second fortnight of this month has been fixed at $6,844 per tonne and that of brass scrap (all grades) at $4,332 per tonne.