Rising tariff value of edible oils raises the effective import duty

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(Gujarat News Office) Mumbai: The Mumbai Oilseeds Market was officially closed today on the occasion of Dussehra. Trades in the closed market were also wings. World market news was encouraging though. The rise in crude oil prices in the world market was followed by indications of rising edible oils globally from overseas. In addition, there were indications that the government had increased the tariff value used as a benchmark to calculate the import duty on domestic edible oils. As a result, the effective import duty on various edible oils imported domestically has increased, market insiders said. Following this, there were indications that the market is getting support today.

Meanwhile, Gujarat-Saurashtra manufacturing centers in groundnut had indications of new revenue growth and market prices came under pressure. In the Navi Mumbai groundnut market, prices fell by Rs. There were instructions to speak.

Meanwhile, palm oil futures in Malaysia were reported to have closed at 8, 9, 9 and 9 points plus in the global market today. There, the price of palm products jumped from ૫ 2.50 to ૦૦ 10.00 today.

The increase in the tariff value used as a benchmark to calculate the import duty of various edible oils imported domestically has led to news of an increase in the effective import duty. Such CPOs have gone up from ૩ 1,150 to ૩ 1,304, while palmolin has gone up from ૬૩ 115 to ૨૨૪ 15.

Such tariff value of soyoil has been increased from 15 to ૩૮૮ 15. As a result, the effective import duty has been increased to 3 CPOs per tonne. On the other hand, palm oil has risen by Rs 3 and soyoil by Rs 3, market analysts said.

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