India slashes base import price of palm oil, gold: Report

The government revises base import prices of edible oils, gold and silver every fortnight, and the prices are used to calculate the amount of tax an importer needs to pay.

India has slashed the base import prices of crude and refined palm oil, crude soya oil and gold, the government said in a statement late on Friday, as prices corrected in the world market.

India is the world's biggest importer of edible oils and silver and the second-biggest consumer of gold. (file)

The government revises base import prices of edible oils, gold and silver every fortnight, and the prices are used to calculate the amount of tax an importer needs to pay.

India is the world's biggest importer of edible oils and silver and the second-biggest consumer of gold.

Commodity	New price in $	Old price in $
Crude palm oil	937	996
RBD palm oil	982	1019
RBD palmolein	998	1035
Crude soya oil	1257	1362
Gold	533	549
Silver	608	635

Base prices for all commodities are in $ per tonne, except for gold and silver. The gold tariff is in $ per 10 grams and silver in $ per kg.