Govt Cuts Base Import Price of These Commodities: Edible Oils, Gold; New Prices?

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Govt Cuts Base Import Price of These Commodities: Edible Oils, Gold; New Prices?
Credit: © Reuters.

By Malvika Gurung

Investing.com --The Indian Government has pared the base import prices of certain important commodities, including edible oil and precious metal commodities gold and silver , as per a statement released late on Friday amid price corrections in the world market.

As per the statement, the base import prices of crude and refined palm oil , crude soya oil and gold have been slashed. This is a significant development as India is the biggest importer of edible oils and silver in the world and is the second largest country that consumes gold.

Base import prices of edible oils, gold and silver are revised by the government every fortnight, and these revised prices are used for calculating the amount of tax an importer will need to pay.

Here’s a list of revised prices of the commodities, against their former ones.

Crude Palm Oil

  • New Price: $937/tonne
  • Old Price: $996/tonne

Crude Soya Oil

  • New Price: $1,257/tonne
  • Old Price: $1,362/tonne

RBD Palm oil

  • New Price: $982/tonne
  • Old Price: $1,019/tonne

RBD Palmolein

  • New Price: $998/tonne
  • Old Price: $1,035/tonne

Gold

  • New Price: $533/10 gram
  • Old Price: $549/10 gram

Silver

  • New Price: $609/kg
  • Old Price: $635/kg

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