Govt keeps edible oil tariff values unchanged

Govt keeps edible oil tariff values unchanged


Mumbai: India left tariff values unchanged for six palm group oils and crude soybean oil, a Central Board of Excise and Customs notification said late on Thursday, 15 November.

The tariff value of crude palm oil was kept at $447 a tonne and crude soybean oil at $580.

The tariff value is considered as the base value to calculate import duties for different edible oils.

India normally reviews the base prices every 15 days to take into account international prices, domestic demand and supply, and inflation.

India is a leading importer of both palm and soy oils, and changes in base prices are keenly watched by traders in Malaysia and Indonesia, the world’s two main palm oil exporters.