India cuts base import price of palm oil; raises soyoil price

Representative Image. Credit: iStock Photo

India has slashed the base import prices of crude and refined palm oil while raising the price of crude soy oil, the government said in a statement late on Tuesday.

The government revises base import prices of edible oils, gold and silver every fortnight, and the prices are used to calculate the amount of tax an importer needs to pay.

India, the world's biggest edible oils importer, last week allowed duty-free imports 2 million tonnes of soyoil.

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