The Hindu : Front Page : Base price of edible oils cut

Online edition of India's National Newspaper
Thursday, Sep 16, 2004

Front Page

Base price of edible oils cut

By Our Special Correspondent

NEW DELHI, SEPT. 15. After a meeting to discuss inflationary trends with the Prime Minister, Manmohan Singh and the Governor of the Reserve Bank of India, Y.V. Reddy, the Finance Minister, P. Chidambaram announced an across-the-board cut of about $50 a tonne in the base price of palm and soyabean oil for levying customs duty. The Minister said the move would reflect in lower domestic prices of the commodity.

He said the base price or tariff value for crude palm oil has been cut to $454 a tonne from $504. The corresponding cut for RBD palm oil is $489 a tonne from $543 a tonne. The "other-palm oil" tariff value has been cut to $471 a tonne from $543 a tonne. In the case of crude palmolein, the tariff value has been reduced to $479 a tonne from $532 a tonne.

The RBD palmolein tariff value has been slashed to $497 a tonne from $552 a tonne. For "others-palmolein," it has been reduced to $488 a tonne from $542 a tonne and for crude soyabean oil to $565 a tonne from $628 a tonne.

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