SEA seeks lower tariffs for palm, soybean oil

Solvent Extractors' Association (SEA) of India today sought further downward revision of tariff values for crude palm oil and soybean oil, as their revised values are much higher compared with global prices.

"Tariff value fixed for palm oil products and soybean oil is much higher than market price," said B V Mehta, executive director of SEA.

Terming as "unfortunate," the values for palm oil products and soybean oil, he pointed out that the average cost insurance freight (CIF) price of crude palm oil that prevailed during the last week was $383 while crude soybean oil was quoted at $476.

On January 2, government slashed tariff values of palm oil, crude palmolein and crude soyabean oil. In a notification, the Central Board of Excise and Customs cut the tariff value of crude palm oil to $417 per metric tonne from the earlier rate of $433.

The RBD palm oil was lower by $3 to $432 per mt as compared to the earlier rate of $435. Tariff value on other palm oils was reduced to $425 from the previous rate of $434.

Crude palmolein tariff value came down to $418 from $440, while RBD palmolein would now attract $421 tariff value as compared to the earlier rate of $445.

Other palmoleins tariff value was brought down to $420 compared with the previous rate of $443. The tariff value of crude soyabean oil was also slashed to $497 from $510.