Centre cuts base import price of edible oils

The Centre has cut the base import price of all edible oils, the Central Board of Excise and Customs said in a notification.

The steepest cut, of $33 a trillion, was made in the base import price of crude soyoil. The base import price of crude soyoil is now at $814 per trillion.

Base import price of crude palm oil was cut by $30 per trillion to $784 per trillion while base import price of crude palmolein and refined, bleached, and de-odorised palmolein were cut by $11 a trillion each.

Base import prices of edible oils are revised every fortnight, based on movement in the international market and changes in the foreign exchange rate. The prices were last revised on February 15.

India is a net importer of edible oils. In 2015-16 (Nov-Oct), India imported a record 14.6 million tonnes of edible oils.

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