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NEWS ADMIN

Mahamad Rodzi Abdul Ghani

DATE

16/09/2004

NEWS PROVIDER

Mahamad Rodzi Abdul Ghani

NEWS SOURCE

Dow Jones

CATEGORY

HEADLINE

India Govt Cuts Vegoil Tariff Values By Around $50
15/09/04 NEW DELHI (Dow Jones)--The Indian government Wednesday cut tariffvalues on imports of edible oils by around $50 a metric ton as part of itscontinuing efforts to curb inflation rate.

The tariff value - the benchmark price on which the governmentcalculates customs duty on palm and soy oils - on crude palm oil was cutto $454 a ton from $504/ton; RBD palm oil to $489/ton from $543/ton; Palmoil to $471/ton from $523/ton; crude palmolein to $479/ton from $532/ton;RBD palmolein to $497/ton from $552/ton; palmolein to $488/ton from$542/ton and crude soyabean oil to $565/ton from $628/ton.

"I hope the tariff value adjustments will be reflected in prices,"Finance Minister Palaniappan Chidambaram told reporters after announcingthe tariff value cuts.

The tariff value reductions are the latest in a series of fiscal stepstaken by the government to check mounting price pressures, after India'sannual inflation rate hit a fresh 3-1/2 year high of 8.33% at the end ofAugust. Last month, the government cut import duties on steel andpetroleum products.