India lowers base import rates for crude palm oil and gold

16 Jun 2022 , 09:21 AM

India’s benchmark import prices for crude palm oil, soy oil, gold, and silver have been cut, the government announced late Wednesday. Every two weeks, the government updates the basic import prices for edible oils, gold, and silver, which are used to compute the amount of tax an importer must pay.

India, the world’s largest importer of edible oils, permitted duty-free imports of 2 million tonnes of soy oil last month.

New prices for these commodities are:

1. Crude palm oil $1620
2. RBD palm oil $1757
3. RBD palmolein $1767
4. Crude soya oil $1831
5. Gold $585
6. Silver $695

Prices for all commodities except gold and silver are per tonne. The gold tariff is per 10 gm and the silver tariff is per kg