In the midst of relief from inflation, there is news that will increase the difficulties, because the prices of palm oil and gold and silver may rise soon in the Indian market. In view of the ever-increasing prices in the global market, the government has increased the base import price on gold-silver, crude palm oil (CPO) and soya oil.
Price in domestic market to be affected.
The government changes the base import price of edible oils, gold and silver every fortnight. These prices are used to calculate the tax to be charged from importers. India is the world’s largest importer of edible oils and silver and second largest consumer of gold.
New Base price
According to the news agency Reuters, the base import price of crude palm oil has been increased to $ 977 per tonne, while earlier it was $ 971. The base import price of RBD palm oil has been increased from $977 to $979 per tonne. At the same time, the base import price of RBD Palmolein has been reduced from $993 to $988 per tonne. At the same time, the base price of Crude Soya Tol has been reduced from $1,360 to $1,275 per tonne. The base import price of gold has been increased from $565 to $588 per 10 grams and that of silver from $699 to $771 per kg.
Understand base import price
The pressure on Indian importers also increases when there is a rise in the prices of palm oil and gold and silver in the global market. The government reviews the base import price every fortnight (in 15 days) to keep the prices in the domestic market in line with the global market. Base import price is the rate on the basis of which the government charges import duties and taxes from traders. India is the second largest importing country in terms of gold, while it comes first in terms of silver. More than 60 percent of the requirement of edible oils is also met through imports.