Increase in effective import duty on various imported edible oils

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(Gujarat News Office) MUMBAI: Prices of cingulate and cottonseed oil remained soft in the Mumbai oilseeds market today. Mustard prices, however, were quiet. Meanwhile, prices of imported edible oils remained soft in the spot market while prices in the futures market showed signs of rebounding sharply in the afternoon after falling till noon.

About 100 to 150 tonnes of imported palm oil was traded at Rs 1,150 to Rs 1,150 per 10 kg in the Mumbai spot market today, market sources said.

There was news that the central government had increased the custom exchange rate of the dollar for importers by Rs 3.5 to Rs 3.5. These new rates have come into effect from June 15. This has led to an increase in the effective import duty on various edible oils imported domestically, market insiders said.

Thus, the effective import duty has been increased by Rs 3 per tonne in crude palm oil CPO, Rs 5 per tonne in palmolin and Rs 3 per tonne in soyoil. In the Mumbai spot market today, the price of 10 kg of imported palm oil was Rs 115 while the price of crude palm oil CPO Kandla was Rs 1,013.

CPO June futures were trading at a low of Rs 30 today and a high of Rs 103 in the evening. While the July price was Rs. Soyoil futures were at a low of Rs 115 in July today and a high of Rs 13 in the evening.

Meanwhile, in the Mumbai spot market, the price of 10 kg of groundnut oil fell by Rs 150 and cottonseed oil by Rs 150, while mustard and refined were at Rs 150 and Rs 1,210 respectively. Producers today reduced the price of cingulum oil from Rs 1,200 to Rs 12 per kg and Rs 20 to Rs 30 per 15 kg.

On the other hand, the prices of cotton washed stocks were reported to fall by Rs 15 to Rs 12 today. In the Mumbai spot market today, soyoil was quoted at Rs 1,215 for digam and Rs 12 for refined, while sunflower was quoted at Rs 150 and refined at Rs 1,200.

Coparel was quoted at Rs 150 per 10 kg and rice bran at Rs 1,150. Meanwhile, castor oil prices in the Mumbai spot market rose by Rs 9 to Rs 105 to Rs 105 per kg, while castor prices in the Mumbai spot market rose by Rs 3 to Rs 50 per kg today.


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