The Hindu Business Line : Palm oil tariff values hiked

The Union Government on Friday raised the tariff values for palm group of oils by $ 4 a tonne, barring the "others - Palm oil" group, the value of which has been increased by $ 2. On the other hand, the Centre cut the tariff value of de-gummed (crude) soyabean oil by $13.

The hike in palm oil tariff values comes after they were cut twice last month. However, in the case of crude soyabean oil, this is the second consecutive cut, following the one on June 15, when it was cut by $17.

The tariff value is the base price on which the customs duty for various vegetable oils is worked out.

While the effective duty on import of crude soyabean oil is 50.8 per cent, it is 88.8 per cent for palm oils.

With the current revision, crude palm oil tariff value is $ 428 a tonne, while that for crude soyabean oil is $ 529.

On Friday, crude palm oil for August delivery was quoted at $ 406 a tonne, up from Thursday. RBD palm oil for the August-September quarter was quoted at $ 420 a tonne free on board, and RBD palmolein at $ 427.50. In the domestic market, RBD palmolein was steady at Rs 406 for 10 kg, while crude soyabean oil was up Re 1 at Rs 373.

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