Increase in effective import duty on imported edible oils

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(Gujarat News Office) MUMBAI: Prices were volatile in the Mumbai oilseeds market today. Demand was slow. In imported palm oil, barely 100 tonnes were traded in hawala-resale. In Malaysia, palm oil prices were 9 points softer, while in the US, soyoil prices were projected to rise by Rs 4 to 5 points today.

Meanwhile, there was news that the government has increased the tariff value used as a benchmark to calculate the import duty of various edible oils imported into the country and this has led to an increase in the effective import duty on such imported edible oils, market insiders said.

Such tariff value has been raised from ૩૪૬ 15 to ૩૫૯ 16 for crude palm oil. The price of palmolin has gone up by ૩૮૫ 12 to તથા 16 and soyoil has gone up by 16 to 16. As a result, the effective import duty has been increased from Rs 3 to Rs 5 per tonne, experts said.

Meanwhile, in the Mumbai spot market today, the price of 10 kg of cingulum oil was Rs 15 and cottonseed oil was Rs 150. On the Saurashtra side, the price of cingulum oil was Rs 14 and 15 kg at Rs 2120 to 2140 and cotton washed at Rs 15 to 120.

In the Mumbai market, the price of imported palm oil was Rs. In the Mumbai market, soyoil prices ranged from Rs 15 to Rs 150 for digam and Rs 1,215 for ref. In the Mumbai market, castor oil prices today jumped by Rs 15 to Rs 1,200 to Rs 120 per kg. While the present castor of Mumbai was increased by Rs. Castor futures rose by Rs 61 to Rs 8 today.

In the Mumbai flour market, the price of a tonne of castor flour fell by Rs 200, while the price of soymeal flour remained soft at Rs 200. Cottonseed meal prices rose by Rs 200 Singkhol was also raised. There were indications that total exports of various shells from India had declined by 20-2% in January. Malaysia's palm oil production has fallen by almost half a per cent in 15 days.

Malaysia has decided to keep the export tax on crude palm oil at 5 per cent for March. There is increased margin in futures. Mustard's revenue was 6,000 times in Rajasthan and 2 lakh times in All India. Prices in Rajasthan ranged from Rs. Soybean income was 1 lakh 3 thousand times all India. Exports of palm oil from Malaysia have increased.

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