Govt slashes base import price of palm oil; raises rate of soyoil

India has slashed the base import prices of crude and refined palm oil, while raising the price of crude soyoil, the government said in a statement late on Tuesday.

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 week allowed duty free imports 2 million tonnes of soyoil.

Commodity New price in $ Old price in $

Crude palm oil 1,625 1,703

RBD palm oil 1,733 1,765

RBD palmolein 1,744 1,771

Crude soya oil 1,866 1,827

Gold 597 592

Silver 721 687

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 Amy Caren Daniel)