India raises base import price of palm oil, leaves gold prices unchanged

India has today significantly increased the base import prices of crude and refined palm oil and crude soya oil, following a surge in prices in the global market.

India, the world's biggest importer of edible oils, has raised crude palm oil import price to $952 per tonne from $858, while it raised prices of crude soya oil to $1,345 pr tonne from $1,274 a tonne, according to an official statement.

The base import prices for RBD palm oil and RBD palmolein now stand at $962 and $971 a tonne, up from $905 and $934, respectively.


India tweaks base import prices of edible oils, gold and silver every fortnight, and the prices are used to calculate the amount of tax an importer needs to pay.

New Delhi also raised silver base import prices to $630 per kg from $629 per kg, while leaving the gold rates unchanged at $531 per kg.

India is also the world's biggest importer of silver and the second-biggest consumer of gold.

(with inputs from Reuters)