Significant increase in effective import duty on edible oils

(By commerce representative), Mumbai, Ta. 30 October 2020, Friday

In the Mumbai oilseeds market, the rebound in cingulum oil prices came to a halt today and market prices rose again, while cottonseed oil prices also rose again after the shocks were digested, market sources said. Meanwhile, prices of imported palm oil and soyoil also rose again today, but new demand for palm oil, however, was slow and hawala resell traded at 100 to 150 tonnes.

Meanwhile, according to a report from Delhi, the central government has significantly increased the tariff value used as a benchmark to calculate the import duty on edible oils imported in the country, leading to an increase in the effective import duty on imported edible oils, market insiders said.

Meanwhile, the tariff value of crude palm oil has gone up from ૭૫૫ 6 to ૭૮૨ 6, palmolin from ૭૯૬ 6 to ૮ 215 and soyoil from ૮૯૮ 6 to ૯૪૮ 8, leading to an effective import duty of Rs 3 to Rs 5 per tonne of CPO and Rs 5 to Rs. Experts said that the price of soybean oil has gone up from Rs 21 to Rs 4 and soybean oil from Rs 1.5 to Rs 1.50.

Meanwhile, palm oil prices in Malaysia fell 3 points from a three-month high in Malaysia today, while palm product prices were reported to have fallen by ૭ 2.50 to ૧૦ 10. Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil was quoted at Rs 1,2, up from Rs 1,50 today.

While the price of cottonseed oil was Rs. Meanwhile, manufacturers today said that the price of cingulum oil ranged from Rs 1,200 to Rs 1,2 and 15 kg from Rs 3,050 to Rs 4,100, while the price of washed cotton increased from Rs 30 to Rs 4 for ready delivery and for various November deliveries. There was news of Rs. 20 to Rs.

Meanwhile, palm oil prices in the Mumbai spot market were quoted at Rs 70 to Rs 8 today, while crude palm oil (CPO) prices were quoted at Rs 5. Meanwhile, CPO's November futures were trading at Rs 41 this evening amid a slow recovery, while soyoil's November futures were trading at Rs 4 amid a slowdown, sources in the futures market said.

Meanwhile, soybean futures fell 3 points and soyoil futures fell 3 points in US agricultural markets overnight. There were also reports of Chinese importers entering the Tanzanian market to import soybeans.