India raises base import price of crude palm oil by US$5/T


  • Palm Oil
  • Thursday, 2 May 2019

The government usually revises base import prices of edible oils, gold and silver every fortnight and the price is used to calculate the amount of tax an importer needs to pay.

The government usually revises base import prices of edible oils, gold and silver every fortnight and the price is used to calculate the amount of tax an importer needs to pay.

MUMBAI: India raised the base import price of crude palm oil by $5 to $545 per tonne, the government said in a statement on Wednesday.

The government usually revises base import prices of edible oils, gold and silver every fortnight and the price is used to calculate the amount of tax an importer needs to pay.

The world's biggest edible oil importer has levied 40 percent duty on crude palm oil imports.

Malaysia and Indonesia are the main suppliers of palm oil to India.

Malaysia meanwhile said it will defer the imposition of an export duty on crude palm oil to Dec. 31.

The primary industries ministry's statement was to help boost palm oil exports and expand into new markets.

Palm oil stockpiles in Malaysia, the world's second-largest producer, climbed to the highest in at least 19 years in December, a situation made worse by a European Union move to cut out its use after the European Commission determined that palm oil cultivation has resulted in excessive deforestation.

The deferment means the export duty on Malaysian palm oil will remain at zero percent, minister Teresa Kok said, according to a report by national newswire Bernama.

"The ministry encourages producers and exporters to use this opportunity to export more palm oil. This will also benefit oil palm smallholders," Kok said.- Reuters

Palm Oil , Plantations