15/10/2007 (The Economic Times), New Delhi - The government has made no changes in the base price or tariff value for levying customs duties on palm and soyabean oils for the next fortnight.
Tariff values of six palm oils and crude soybean oil have not been changed for the next 15 days, according to an official release.
The value is fixed every fortnight and was started more than a year ago when it was found that some importers showed under-invoicing of imported oils. The base price or tariff value has not been revised since July last year.
The tariff rate for crude palm oil (CPO) remains at $447 per tonne, while that for crude soybean oil is $580.
The tariff rates for other oils are: RBD palm oil $476, other palm oils $462, crude palmolein $481, RBD palmolein $484 and other palmolein $483.
The move to maintain the base price at a lower level than the current global price is aimed at stabilising domestic edible oil prices at their current levels, traders said.
The prices of crude palm oil have reached $865 per tonne (C&F Mumbai) while crude soyabean price to $955 per tonne (CIF Mumbai).
However, the government hiked the tariff value for brass scrap (all grades) to $4,495 from $4,461 per tonne for the next fortnight.