Import duty on imported palm oil was reduced

(Gujarat News Office) MUMBAI: Prices of imported palm oil fell in the Mumbai oilseeds market today amid selling news that the government had reduced import duty. Against new demand was slow. Palm oil futures in Malaysia were at 120 to 15 points plus at one stage after import tariffs were reduced in India.

In the Mumbai spot market today, the price of 10 kg of imported palm oil was Rs 1150 to Rs 115. While the price of crude palm oil CPO Kandla was quoted at Rs. In the futures market, CPO futures fell by Rs 12.50 this evening to Rs 41 within Rs 1,000. While soyoil futures fell by Rs 2.50 to Rs 19, futures market sources said.

Meanwhile, according to reports from Delhi, the Center has reduced the import duty on crude palm oil CPOs from 12 per cent to 10 per cent. The new duty rates came into effect on Wednesday, June 20 and will remain in force till September 30, government sources said.

Meanwhile, RBD Palm Oil, RBD Palmolin, RBD Palm Sterin Vs. The government has also reduced the import duty on goods from 5 per cent to 7.50 per cent. Meanwhile, the government has also lifted restrictions on imports of RBD palm and palmolin refined oil. There were rumors in the market that such restrictions were being lifted till December 31, 2021.

The reduction in import duty on CPOs will result in a reduction of about ૫૫ 5 to 20 per tonne, which is a reduction of Rs 500 to Rs 2,000 in rupee terms. However, with the reduction in duty in India and the rise in world market prices, the calculations will continue to change, market insiders said.

A reduction in the duty would reduce the government's revenue, while a boom in the global market would not provide significant relief to domestic consumers, sources in the Solvent Extractors Association said.