India, the world's second-largest buyer of vegetable oils, didn't revise benchmark import prices for crude palm and soybean oil. | |
| The crude palm oil benchmark was unchanged at $447 a tonne, while the soybean oil benchmark was unchanged at $580, the finance ministry said in a statement in New Delhi yesterday. |
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| The benchmarks were introduced to prevent traders from paying lower import duties by understating edible oil prices. The rates track international edible oil prices, and traders pay import duties based on the prevailing benchmark rate for the commodity they are importing. The government has not changed the benchmark rates since September to stem an increase in domestic prices caused by a shortfall in oilseed production. |
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| Meanwhile, Prices of select edible oils weakened on the wholesale oils and oilseeds market today on reduced offtake amidst fresh selling by stockists and closed with losses. However, non-edible oils remained static in limited deals. |
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| Marketmen said reduced offtake by retailers along with fresh offering by stockists mainly helped select edible oil prices to decline. |
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| In the edible session Sesame mill delivery oils quoted lower by Rs 100 at Rs.5000 a quintal. |
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| Soyabean refined mill delivery also receded at Rs 4420 against previous close of Rs 4500 per quintal. Similarly, cotton seed mill delivery too declined by Rs 50 at Rs 4250 a quintal. |
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