15/02/2008 (The Economic Times), New Delhi - The base prices of edible oils, which determine the customs duties on them, have been kept unchanged by the government for the next 15 days to keep the rising prices of the commodities under check.
"The tariff values of six palm group oils, crude soyabean oil remain unchanged," an official release said.
The tariff values of imported oils are reviewed every fortnight to calculate customs duty with an aim to prevent revenue loss due to under-invoicing by importers.
Base prices or tariff values of palm oil products, which account for majority of edible oil imports, have not been changed since July 2006 in order to contain cooking oil prices in the country.
Current tariff value for crude soyabean oil is 580 dollars per ton, while that of crude palm oil is at 447 dollars a ton. The RBD palm oil tariff value stands at 476 dollars per ton, palm oil (others) at 462 dollars, crude palmolein at 481 dollars, RBD palmolein at 484 dollars and palmolein (others) at 483 dollars.
Nearly 40-50 per cent of domestic edible oil consumption of 11-12 million tons is met through imports of soyabean and palm group of oils.
Tariff value of brass scrap (all grades) has also been kept unchanged at 4,249 dollars per ton.
However, the base price of poppy seeds has been revised to 5,046 per ton from 5,398 dollar a ton.