Government reduced the base import price of palm oil, gold, the price may come down

The government revises the base import prices for edible oils, gold and silver every fortnight, and the prices are used to calculate the tax amount to be paid to an importer.

The Indian government has reduced the base import prices of crude and refined palm oil, crude soya oil and gold, the government issued a statement late Friday, saying that the prices in the global market have improved. The government revises the base import prices for edible oils, gold and silver every fortnight, and the prices are used to calculate the tax amount to be paid to an importer. Explain that India is the world’s largest importer of edible oils and silver and the second largest consumer of gold.

The government has reduced the base price of crude palm oil from $ 996 to $ 937 per tonne. Along with this, RBD palm oil base price reduced from $ 1019 to $ 982 per tonne, RBD palmolein base price reduced from $ 1035 to $ 998 per tonne, crude soybean oil base price reduced from $ 1362 to $ 1257 per tonne, base price of gold. The base price of silver has been reduced from $ 549 per 10 grams to $ 553 per 10 grams and the base price of silver has been reduced from $ 635 per kg to $ 608 per kg.

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prices may come down

Regarding this change, tax experts are of the view that the reduction in duty value may bring down the prices of edible oil in the domestic market as it reduces the customs duty payable on the base import price. Therefore, along with the reduction in the base import prices of crude and refined palm oil, crude soya oil and gold, their value in the domestic market decreases. Explain that due to reduction in base price, common people can get some relief from inflation. Considering the increasing oil imports in India, the demand in the markets remains very weak, which is causing the prices of edible oils to break down.