Govt increases base import prices of edible oils by $7

Mumbai, April 28 | Updated: Apr 29 2006, 05:30am hrs
The government raised base import prices of all edible oils by $7, except crude soy oil, with immediate effect, a notification said. Crude soybean oil price was left unchanged at $518.

The government generally revises the base import prices if there is a change of 10% or more in the current landed cost of imported edible oil then cost and freight charges are included. However, since September, the government has been revising the base import prices almost every fortnight, irrespective of the change in landed cost.

The country imposes import duty of 45% on crude soyoil; while on palm oils, the duty is around 75%. The notification also added the import base price of brass scrap has been raised to $2,337 per tonne from $2,327.