Govt cuts base import price of all Palm Oils, Soybean Oil

equity serviceThe government has slashed the base import prices of all edible oils by $2-$13 per tonne, according to an official notification.

The highest reduction of $13 per tonne was in the base import price of crude soyoil and refined, bleached, and deodorised palm oil.

Based on global prices and fluctuations in foreign exchange rates, the government revises base import prices every fortnight.

India is the world’s largest importer of edible oil.

Palm oil accounts for a bulk of the total edible oils imported annually, with most of it imported from Indonesia and Malaysia. Most of the crude soyoil is imported from Argentina, the world’s third-largest soybean producer.

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