Govt hikes tariff value for CSO
he government hiked the tariff value for crude soyabean oil (CSO) on Friday by one dollar to $580 but left tariff values of six palm group oils untouched, including crude palm oil, RBD palm oil and palmolein.
By TNN |
New Delhi: The government hiked the tariff value for crude soyabean oil (CSO) on Friday by one dollar to $580 but left tariff values of six palm group oils untouched, including crude palm oil, RBD palm oil and palmolein. The revised values are effective from September 15, according to a statement from the Central Board of Excise and Customs (CBEC) in the finance ministry’s department of revenue.
Last month, the government had raised the base import prices for the palm oil groups but rolled it right back soon to contain inflation, thus putting traders, who had taken positions, in a very piquant position.
The base import price of crude palm oil stands at $447 per tonne, RBD palm oil at $476, and other palm oils at $462. Crude palmolein is at $481, RBD palmolein at $484, and other palmolein at $483.
The government had cut import duties on edible oil on August 11, as part of an exercise to keep inflation in check. Agency reports on Friday said that government data showed wholesale price-based inflation rising 4.78% in the 12 months to September 2.
Base import prices of edible oils are reviewed every 15 days considering international price movements, domestic demand and supply situations and inflation.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
