Effective import duty hike raises tariff value of edible oils

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Mumbai, Ta. 16 June 2020, Tuesday

Prices of various imported edible oils, including palm oil, rose in the Mumbai Oilseeds market today. According to market sources, palm oil prices jumped to close at Rs 500 per 10 kg. There was news of rising edible oil prices in the world market. Meanwhile, the impact of the central government's increase in the tariff value used by the central government as a benchmark to calculate the import duty on various edible oils imported into the country was also felt in the market today. In the global market, palm oil futures in Malaysia rose 3 points today, while palm product prices rose by ૫ 2.50 to ૦૦ 10.00. News from the US agricultural markets was also encouraging.

Meanwhile, the Indian government has increased the tariff value of crude palm oil (CPO) from ૫૫ 50 to ૫૯૬ 5, while the tariff value of palm oil has been increased from ૫૭ 21 to ૬૨ 31 and the tariff value of soyoil has been increased from 6 to ૭ 215. As a result, the effective import duty on CPOs has been hiked by Rs 1,31 per tonne, while palmolin has been hiked by Rs 1,95 per tonne and soyoil by Rs 1,3 per tonne, market sources said.

As a result, the price of 10 kg of palm oil was quoted at Rs 5 to Rs 20 in the Mumbai market today. 100 to 150 tons were traded. Crude palm oil (CPO) Kandla was quoted at Rs 715. In the futures market, CPO was higher at Rs 31.50 in June, Rs 2.50 in July and soyoil at Rs 313.50 in July.

In the Mumbai spot market, cingulum oil was quoted at Rs 1,20 per 10 kg, cottonseed oil at Rs 20, soyoil digam at Rs 3 and refined at Rs 4, mustard at Rs 20, sunflower at Rs 4 and refined at Rs 4. However, castor oil prices in the Mumbai spot market today fell between Rs 4 and Rs 615 amid a slow decline, while castor castor in Mumbai spot fell by Rs 3 to Rs 4. Castor July futures fell by Rs 20 to Rs 5 this evening.

In the Mumbai flour market, the price of 1 tonne of groundnut flour fell by Rs 1,000 to Rs 2,000 today, while the price of cottonseed meal went up by Rs 200 to Rs 2,000. However, the others were quiet. In Malaysia, meanwhile, there was news of increased demand from India, China and Europe for palm oil. However, in the first 15 days of June, total palm oil production rose by about 3 to 4 per cent, global experts said. Meanwhile, manufacturers were quoted at Rs 1.8 per kg of cingulum oil and Rs 5 to Rs 20 per kg of washed cotton at home today.


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