The Hindu Business Line : Tariff values cut for vegetable oils

THE Union Government on Tuesday cut the tariff values or the base price at which the customs duty are calculated for vegetable oils. This is the third time that it has cut the values this year.

While the values for the palm group of oil have been cut by $3 a tonne, for crude soyabean oil, the reduction is $8.

While reducing the values, the Centre has also ensured that the difference in the base price between crude palm oil and RBD (refined bleached deodourised) palmolein remains $25 a tonne. On January 3, when the values were reduced the difference between crude palm oil and RBD palmolein was $4, making import of the latter more attractive.

As per Tuesday's notification, the tariff value for crude palm oil will be $412 a tonne, while for crude soyabean oil it will be $484. For RBD palm oil, it will be $427 and for other palm oil, the value is $420. The tariff is $430 and $436 for crude palmolein and other palmolein respectively.

Since January 3, the tariff value for crude palm oil has been cut by $19 a tonne, while for RBD palmolein, the cut has been $8. On January 3, the value was cut by $24 but it was raised by $19 to $440.

Crude soyabean oil's tariff value has been cut $24 a tonne since the beginning of this year.

In the domestic market, RBD palmolein eased by Re 1 to Rs 358 for 10 kg, while crude soyabean oil ruled flat at Rs 320.

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