India raises base import price of palm oil, gold

The govt 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 raised the base import prices of crude palm oil and soy oil, gold and silver, the government said in a statement late on Thursday, as prices jumped in the world market.

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 is the world's biggest importer of edible oils and silver and the second-biggest consumer of gold.

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Commodity New price in $ Old price in $ Crude palm oil 977 971 RBD palm oil 979 977 RBD palmolein 988 993 Crude soya oil 1,275 1,360 Gold 582 565 Silver 771 699 Base prices for all commodities are in $ per tonne, except for gold and silver.

The gold tariff is in $ per 10 grams and silver in $ per kg.