31/08/2007 (The Economic Times), NEW DELHI - The Finance Ministry today kept the base price of imported edible oil unchanged for the next fortnight, a move aimed at stabilising rates of commodities at current levels.
The base price or tariff value is decided every fortnight for levying customs duty on imported oils such as palm oil and soyabean oil to check under-invoicing.
Tariff values of six palm oils and crude soybean oil have not been changed for the next 15 days, according to a notification issued by the Finance Ministry.
The tariff value has not been revised since July last year despite the global prices having risen substantially. This was done to avoid any further rise in domestic prices.
The tariff rate for crude palm oil (CPO) remains at USD 447 per tonne, while that for crude soybean oil is USD 580.
The tariff rate for other oils are: RBD palm oil USD 476, other palm oils USD 462, crude palmolein USD 481, RBD palmolein USD 484 and other palmolein USD 483.
However, the government lowered the tariff value for brass scrap (all grades) to USD 4622 from USD 4673 per tonne for the next fortnight, an official release said.