Financial Daily from THE HINDU group of publications
Tuesday, Jan 17, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jan 17, 2006 |
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Government
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Agricultural Policy Agri-Biz & Commodities - Oilseeds & Edible Oil Industry & Economy - Exports & Imports Base import prices cut for crude palm, soyabean oils Our Bureau
Mumbai , Jan. 16 THE Government today revised tariff values for various vegetable oils vide customs notification 02/2006. The tariff value of crude palm oil and crude soyabean oil has been reduced marginally. These two oils dominate the country's import basket. However, the most striking feature of the revision is the steep hike in refined palmolein. This has resulted in restoration of status quo ante as far as the tariff value differential between crude palm oil and refined palmolein is concerned. The differential now stands at $25 a tonne, up from a mere $4/tonne as of the last revision done on January 3. Currently, tariff value for crude palm oil is $415/t (cost, insurance and freight -CIF), down from $417/t. For crude soyabean oil it is $492/t, down from $497/t. On refined bleached deodourised palmolein, the tariff value has been raised to $440/t ($421/t). This should come as some relief for domestic refiners and vanaspati producers who have been complaining of unfair advantage being given to refined palmolein. Interestingly, following the $4/t differential fixed on January 3, a number of importers contracted for refined palmolein. But with the latest revision most of the purchases are likely to be cancelled. Some shipments have already taken place.
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