The Government has further slashed the tariff value, or the base import price, for refined, bleached and deodorised (RBD) palmolein to $887 a tonne from $889 .

The cut in base import prices is prompted by the decline in global edible oil prices. However, base import prices for other crude and refined oils were kept unchanged.

The base import price is the reference price for assessing import taxes.

The Government had set a new base import price of $1,053 for RBD palmolein in early August and has since reduced it gradually, based on the movement of global prices.

India has emerged as the largest importer of edible oils in recent years, with RBD palmolein imports for the year-ended October 2012 at 1.57 million tonnes (mt), up 31 per cent from 1.08 mt last year.

(This article was published on November 15, 2012)
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