2/15/05--India cuts crude palm oil base import price to $400/tn vs $454
--India cuts crude palmolein base import price to $412/tn vs $479
--India cuts RBD palmolein base import price to $425/tn vs $497
The government Tuesday hiked the import duty on crude palm oil to 80% fromthe existing 65%. Import duty on refined bleached and deodorised palm andpalmolein oil was increased to 90% from 75%. However, the base price onwhich the duty is levied on varieties of palm oil, was cut up to U.S. $74per tonne.
According to a statement issued by the finance ministry, the new baseprice to levy import duty on crude palm oil is $400 per tonne, against$454 earlier, in line with the decline in international prices.
The government levies import duty on palm oil at a fixed priceirrespective of the rates at which imports have actually taken place.