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CHENNAI, May 2

THE Government has left the base import price or tariff values on palm group of oils unchanged in view of tight supply situation in the domestic market.

In a notification issued late on Wednesday night and published on the Central Board of Excise and Customs (CBEC) site, the Government left the tariff values at the same rate as fixed on December 7, 2001.

As per this, tariff value on crude palm oil will continue to be $314, while for RBD (refined, bleached and deodorised) palm oil, it will be $341. For RBD palmolein, it will be $349 and for crude palmolein $334.

The Finance Ministry did not opt to raise the tariff value despite a $10-15 a tonne rise in palm group of oil rates in the global market as prices in the domestic market are ruling firm.

RBD palmolein is up at Rs 309 per 10 kg from Rs 270 at the beginning of the year. Similarly, prices of sunflower are steady around Rs 465-466 , while soya oil is quoted at Rs 330, up from Rs 290. Groundnut oil, too, has increased to Rs 435-400 per 10 kg.

"The Government would have chosen to keep the prices at the same level since the increase in global prices is nominal," trade sources said.

"Also, it did not want to give any room for further hike in prices."

The Government began fixing tariff value to check under-invoicing of consignments.

While crude oils attract a duty of 65 per cent, the levy for refined oils is 85 per cent.

On Thursday, RBD palm oil in the Malaysian cash market for May delivery was quoted flat at $332.50 a tonne, while RBD palmolein was quoted at $345, up $2.50 over Tuesday's close.

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