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MARKET DEVELOPMENT
India leaves edible oil import prices unchanged
calendar17-10-2006 | linkReuters | Share This Post:

16/10/06 NEW DELHI (Reuters) - India on Monday left the base import prices of edible oils unchanged in line with global markets.

The base import price of crude palm oil stays at $447 a tonne, RBD palm oil at $476 and others palm oil at $462, the government said in a statement posted on an official Web site. Crude soybean oil stays at $580.

Traders pay duty on the base import price irrespective of the prices paid for oil to prevent losses due to under-invoicing.

"The government did not change the base import price as there was hardly any significant price movement in global edible oil markets," said an analyst with a Mumbai-based brokerage.

The prices of edible oils are reviewed every 15 days to take into account international price movements, domestic demand and supplies, and inflation.

The government in August raised base import prices but later rolled back the decision help keep inflation in check.