MARKET DEVELOPMENT
India keeps edible oil tariff values unchanged
India keeps edible oil tariff values unchanged
16/04/2008 (Reuters), New Delhi (Reuters) - India left base import prices or tariff values unchanged for six palm group oils and crude soybean oil, the finance ministry said in a statement on Wednesday.
The tariff value of crude palm oil was kept at $447 a tonne and crude soybean oil at $580. Base import prices are used to calculate the tax.
Last month, the government scrapped import duties on some edible oils and corn, banned export of non-basmati rice and extended ban on pulses exports until 2009 to increase local supplies to tame inflation.
India's headline inflation raced to 7.41 percent in late March, its highest since November 2004.