New Delhi, Nov 27 (Bernama) -- The Indian Government has hiked the baseimport price or tariff value on the palm group of oils by nearly 10percent following rapid increase in the prices of vegetable oils in theglobal market during the last few months.The Government has, however, left the tariff values of crude soyabean oilunchanged, says a Chennai-datelined report in the financial daily, theHindu Business Line.

Traders pay import duties on the base values irrespective of prices atwhich they purchase oils.

The Department of Revenue of the Ministry of Finance through anotification issued on Tuesday, raised the tariff value of crude palm oilto US$432 a tonne from US$392.

For refined, bleached and deoderised (RBD) palm oil, the tariff has beenset at US$460, up from US$414, for RBD palmolein at US$470 (US$426) andfor crude palmolein at US$454 (US$411).

With this hike, the cost of RBD palmolein after payment of duty will beUS$902.4 as against US$817.92, while that of RBD palm oil it will beUS$883.2 (US$794.88).

Crude palm oil will cost US$712.8 (US$646.8) and crude palmolein US$749.10(US$678.15), the report said.

The announcement had its impact on the local oilseeds market and saw theprices of RBD palmolein hovering at Rs370 (US$7.70) per 10kg against Rs360(US$750), the report said.

India mainly buys palm oil from Malaysia and Indonesia and soyabean oilfrom Argentina and Brazil. -- BERNAMA