Vegoil base import price hiked

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Our Bureau

Mumbai, March 1

The Government today revised upwards the tariff value for various vegetable oils.

The hike ranges from $11 to $23 a tonne. The base price for major oils in the palm group (crude palm oil, crude palmolein and refined palmolein) has been hiked by $11 a tonne and on crude soyabean oil by a steep $23 a tonne.

With the latest tariff value revision which comes over and above the 4 per cent additional customs duty (countervailing duty equal to VAT) levy proposed in the Union Budget, vegetable oil prices in the domestic market are expected to further firm up.

Following the upward revision of tariff values, the increase in price could range between Rs 400 and Rs 500 a tonne, in addition to the likely effect of Rs 1,000-1,300 a tonne due to 4 per cent additional duty.

Together these two measures are expected to support domestic oilseed market. A huge crop of rapeseed/mustard - estimated at about 65-67 lakh tonnes - is threatening to push the market rates down, way below the minimum support price of Rs 1,715 a quintal. There has been as steady increase in base price since early last month.

(This article was published in the Business Line print edition dated March 2, 2006)
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