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India leaves palm oil import prices unchanged
calendar20-09-2006 | linkReuters | Share This Post:

15/09/06 NEW DELHI (Reuters) - India on Friday left the base import prices of palm oils unchanged, but raised that of crude soyoil marginally, a government official said.

"There will be no change in the base import prices of all varieties of palm oil," the official, who did not want to be named, told Reuters.

Crude soyoil's base import price was raised by one dollar to $580, the official added.

"The revised values are effective from September 15, 2006," the finance ministry said in a release later in the day.

The base import price of crude palm oil stands at $447 per tonne, RBD palm oil at $476, and other palm oils at $462. Crude palmolien is at $481, RBD palmolien at $484, and other palmolien at $483.

The government last month raised base import prices but later rolled back the decision to help keep inflation in check. The move confused traders who had taken positions.

The base import prices of edible oils are reviewed every 15 days considering international price movements, domestic demand and supply situations and inflation.

India cut import duties on edible oil on Aug. 11, as part of efforts to fight inflation.

Government data showed on Friday wholesale price-based inflation rose 4.78 percent in the 12 months to Sept. 2.

India's Finance Minister Palaniappan Chidambaram has stated the government will take steps to keep inflation below 5 percent in the fiscal year to March 2007.